Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION FIVE [10] The following information was extracted from the accounting records of Humid Limited for the year ended 31 May 2020: Humid Ltd Summary

image text in transcribed

image text in transcribed

QUESTION FIVE [10] The following information was extracted from the accounting records of Humid Limited for the year ended 31 May 2020: Humid Ltd Summary of the statement of profit and loss and other comprehensive income for the year ended 31 May 2020 Sales Cost of sales Gross profit 31 May 2020 R 1 840 000 (980 000) 860 000 Other income Commission income Profit on sale of non-current asset 185 000 123 000 62 000 Distribution administration and other expenses (625 000) 9 Audit fees Depreciation Salaries and wages Other expenses 58 000 80 000 402 000 85 000 Finance cost Interest on borrowings (40 000) 40 000 Profit before taxation 380 000 Income tax expense (80 000) Profit / total comprehensive income for the year 300 000 Humid Ltd Extract from the statement of financial position as at 31 May 2020. 31 May 2020 R 90 000 5 000 330 000 147 000 31 May 2019 R 122 000 5 800 Inventories - merchandise Stationery Trade debtors Bank Trade creditors Prepaid expenses Accrued expenses 170 000 4 200 298 000 53 000 178 000 1 800 17 600 16 800 Required: Prepare the following section of the statement of cash flows of Humid Limited for the year ended 31 May 2020 10 . *Cash generated by operations' section only. Note that the entire "cash flows from operating activities" section is not required. Humid Limited uses the indirect method to prepare its statement of cash flows

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Marketing

Authors: Bruno Camus

1st Edition

2708108735, 978-2708108738

More Books

Students also viewed these Accounting questions

Question

2. To identify examples of organization structure elements.

Answered: 1 week ago

Question

4. Label problematic uses of language and their remedies

Answered: 1 week ago