Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information was included in the financial statements of Flamingo Ltd for the year ended 30 June 20X2: Included in the Statement of Profit

The following information was included in the financial statements of Flamingo Ltd for the year ended 30 June 20X2:

Included in the Statement of Profit or Loss:

  • Gain on sale of plant $50,000

Included in the Statement of Financial Position:

30 June 20X2

30June 20X1

$

$

Plant

600,000

500,000

Accumulated depreciation

(150,000)

(140,000)

Additional information:

  • Proceeds for the plant that was sold was $170,000
  • Accumulated depreciation of plant that was sold was $70,000

Required:

Write in the box below the amount of cash paid by Flamingo Ltd to purchase plant during the year ended 30 June 20X2. Do not include any dollar signs, negative signs, brackets or spaces in your answer.

show all workings for the previous question.

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

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

Recommended Textbook for

CIA Part 1 Essentials Of Internal Auditing Certified Internal Auditor 2019

Authors: Muhammad Zain

1st Edition

1091949182, 978-1091949188

More Books

Students also viewed these Accounting questions