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The accounting records of Crooked Ltd recorded the following information. Current assets Accounts receivable Allowance for doubtful debts Prepaid expenses Inventories 30 June 2022 $
The accounting records of Crooked Ltd recorded the following information. Current assets Accounts receivable Allowance for doubtful debts Prepaid expenses Inventories 30 June 2022 $ $ 95 000 82 000 (3 500) (2 000) 8 000 4 000 78 000 73 000 30 June 2021 Current liabilities Accounts payable 37 000 35 000 Provision for employee benefits 12 000 9 500 Interest payable 1 300 1 100 Other payables 7 600 8 900 Revenues and expenses Sales Cost of sales Selling & Administration expenses Interest expense 985 000 725 000 155 000 5 000 + Additional information: Other payables includes electricity, phone, gas, and other expense related liabilities. Included in the total for selling and administration expenses is depreciation expense $24 000 and bad debts expense $6 000. Required: 1. Calculate the amount of cash received from customers during the year ended 30 June 2022. 2. Calculate the amount of cash paid to suppliers and employees during the year ended 30 June 2022
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