Question
The following information is from Best Ltd's Statement of Financial Position as at 30 June 2020: 2019 2020 Current assets Cash $8,000 $29,000 Accounts receivable
The following information is from Best Ltd's Statement of Financial Position as at 30 June 2020:
2019 | 2020 | |
Current assets | ||
Cash | $8,000 | $29,000 |
Accounts receivable | 42,000 | 38,000 |
Allowance for doubtful debts | (2,400) | (4,000) |
Inventory | 34,000 | 40,000 |
Prepaid insurance | 12,000 | 4,000 |
Non-current assets | ||
Land | 72,000 | 84,000 |
Buildings | 102,000 | 108,000 |
Accumulated depreciation-building | (42,000) | (46,000) |
Equipment | 56,000 | 50,000 |
Accumulated depreciation- equipment | (18,000) | (22,000) |
Current liabilities | ||
Accounts payable | 38,000 | 34,000 |
Accrued expense payable | 15,000 | 16,000 |
Income tax payable | 9,000 | 18,400 |
Final dividend payable | 8,000 | 10,000 |
Non-current liabilities | ||
Notes payable | 82,000 | 62,000 |
Equity | ||
Share capital | 70,000 | 80,000 |
General reserve | 16,600 | 30,600 |
Retained earnings | 25,000 | 30,000 |
The following information is from Best Ltd's Statement of Profit or Loss for the financial year ended 30 June 2020:
Sales revenue | $124,000 |
Gain on sale of land | 4,000 |
Gain on sale of equipment | 4,000 |
132,000 | |
Less | |
Cost of sales | 48,000 |
Insurance expense | 8,000 |
Bad debts expense | 2,400 |
Depreciation expense | 18,000 |
Other expense | 5,600 |
82,000 | |
Profit before income tax expense | 50,000 |
Less | |
Income tax expense | 22,000 |
Profit for the period | 28,000 |
Additional information:
- No building was disposed off during the current financial year.
- A block of land with a cost of $16,000 was sold for $20,000.
- Equipment to the value of $4000 and buildings to the value of $6000 were acquired with the issue of a long-term note. The amount payable has been included in notes payable on the statement of financial position.
- A transfer was made from retained earnings to general reserve.
Required:
1.What is the amount of cash receipts from customers during the 2020 financial year? (Input a positive number only, no dollar sign)
2. What is the amount of cash payment to suppliers during the 2020 financial year?
3. What is the amount of cash payment for other operating expenses during the 2020 financial year?
4. What is the amount of income tax paid during the 2020 financial year?
5. What is the amount of cash purchase of a block of land during the 2020 financial year?
6. What is the amount of cash proceeds from sale of a block of land during the 2020 financial year?
7. What is the amount of cash proceeds from sale of equipment during the 2020 financial year?
8. What is the amount of cash proceeds from issuing shares during the 2020 financial year?
9. What is the amount of cash outflow to repay note payable during the 2020 financial year?
10. What is the amount of dividend paid during the 2020 financial year?
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