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Grove Co started trading on 1 January 2018 with a medium-term 5% loan of 30,000 and a share issue which raised 40,000. The company purchased
Grove Co started trading on 1 January 2018 with a medium-term 5% loan of 30,000 and a share issue which raised 40,000. The company purchased non-current assets for 35,000, for which 25,000 was paid in cash and a note payable due in June 2019 was signed for 10,000. During the year to 31 December 2018 entered into the following transactions: 1. Purchases from suppliers were 19,500, of which 2,500 was unpaid at the year-end. 2. Wages and salaries amounted to 10,500, of which 700 was unpaid at the year-end. 3. Interest on the loan of 1,500 was fully paid in the year and a repayment of the principal was made in the amount of 5,000. 4. Sales revenue was 29,500, including 1,500 trade receivables at the year-end. 5. Interest on cash deposits at the bank amounted to 80. Use the following pro-forma to complete Grove Co's statement of cash flows by writing the appropriate amounts in the answer boxes. One amount (for interest received) has already been given. NB! Show negative amounts, i.e amounts indicating cash outflow in brackets, e.g. (100). Write the numbers only, do not write the euro symbol:: Grove Co Statement of Cash Flows for the Year to 31 December 2018 Cash flows from operating activities Cash received from customers Cash paid to suppliers Cash paid to employees Interest paid Interest received 80 Net cash flows from operating activities Investing activities Acquisition of non-current assets Financing activities Proceeds from a share issue Proceeds from a loan Repayment of a loan Net cash flows from financing activities Net increase in cash Cash at 1 January 2017 Cash at 31 December 2017
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