Question
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?
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