Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

question: Summary Balance Sheets for Buckley Boat Repairs Ltd are given below: 31 Dec 20x2 31 Dec 20x1 cash 138,240 92,160 Accounts receivable 36,864 55,296

question: Summary Balance Sheets for Buckley Boat Repairs Ltd are given below:

31 Dec 20x2 31 Dec 20x1
cash 138,240 92,160
Accounts receivable 36,864 55,296
Inventory 147,456 202,752
Plant & Equipment 110,592 82,944
Total assets 433,152 433,152
Accounts payable 64,512 27,648
Wages payable 73,729 119,808
Non-current liabilities 82,944 110,592
Share capital 92,160 92,160
Retained profits 119,808 82,944
Total liabilities and owners equity 433,152 433,152

The following information has been extracted from the company's income statement for the year ended 31 Dec 20x2.

Sales $1658,880

Cost of goods sold $ 875,520

Wages expenses $ 322,560

1. Calculate the cash received from customers during the year ended 31 Dec 20x2.

2. Calculate the cash payments to suppliers during the year ended 31 Dec 20x2.

3. How much cash was paid to employees for wages during the year ended 31 Dec 20x2?

4. What amount of net increase or decrease in cash and cash equivalents held during the year ended 31 Dec 20x2 would be reported in the company's cash flow statement?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions