Question
In: Accounting
The information below relates to ABC Company for the year ended 30 June 2020. Sales revenue...
The information below relates to ABC Company for the year ended 30 June 2020.
Sales revenue 352,000
Accrued wages 15,000
Bank balance 1 July 2019 ($22,000)
Cash paid to suppliers 192,200
Cash receipts from customers 294,000
Payments to employees and for expenses 25,000
Bank loan received 6,600
Property taxes paid 20,000
Depreciation of equipment 45,600
Interest received 20,500
Cash received from sale of share market investments 55,000
Cash paid to purchase computer hardware 40,000
Issued shares in exchange for block of land 100,000
Dividends paid 29,000
Interest paid 30,000
Net profit after tax 76,000
Required:
a) Prepare ABC Statement of Cash Flows for the year ended 30 June
2020.
b) What is the most important section in ABC's Statement of Cash
Flow? Explain.
Solutions
Expert Solution
The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
ekkarill92 answered 1 year agoRelated Solutions
The following information relates to a company ABC Ltd for the year ended 30 June 2020:...
The following information relates to a company ABC Ltd
for the year ended 30 June 2020:
Transaction totals for the year ended 30 June
2020
R
Credit purchases of raw materials
503750
Freight on raw materiasl purchased (on
credit)
99833
Sales of finished producgts
11440000
Direct Labour:
Factory wages
828600
Pension fund contributions paid by employer
172500
Medical aid paid by employer
227200
UIF Contributions paid by employer
8144
Indirect Labour
500250
Electricity
Factory
211450
Administration offices
127900
Rent Expenses...
The following information relates to ABC Pty Ltd for the years ended 30 June Year 3...
The following information relates to ABC Pty Ltd for the years
ended 30 June Year 3 and Year 2: Year 3 $ Year 2 $ Total assets
Owners’ equity 6,020,000 3,250,000 5,470,000 3,200,000 Annual sales
Net profit (after tax) Weighted average number of ordinary shares
issued 6,100,000 810,000 10,234,518 3,154,350 475,200 10,046,430
Required: Calculate the net profit margin, asset turnover, earnings
per share and debt to total assets ratios for ABC Ltd for the year
ended 30 June Year 3
The following information relates to YogaGuru for the year ended 30 June 2020. Prepaid rent 14,500...
The following information relates to YogaGuru for the year ended
30 June 2020. Prepaid rent 14,500 Accounts payable 52,700
Electricity expense 7,500 Unearned revenue 11,600 Wages payable
12,500 Accumulated depreciation- Equipment 8,600 Capital ? Rent
expense 32,000 Cash at bank 75,800 Wages expense 135,400 Supplies
3,900 Service revenue 282,600 Bank Loan (due in 2025) 38,000
Accounts receivable 7,500 Drawings 4,000 Equipment 235,200
Depreciation expense-Equipment 8,600 Required: Prepare an Income
Statement , a fully classified Balance Sheet in narrative
format and...
The following information relates to YogaGuru for the year ended 30 June 2020. Prepaid rent 14,500...
The following information relates to YogaGuru for the year ended
30 June 2020.
Prepaid rent
14,500
Accounts payable
52,700
Electricity expense
7,500
Unearned revenue
11,600
Wages payable
12,500
Accumulated depreciation- Equipment
8,600
Capital
?
Rent expense
32,000
Cash at bank
75,800
Wages expense
135,400
Supplies
3,900
Service revenue
282,600
Bank Loan (due in 2025)
38,000
Accounts receivable
7,500
Drawings
4,000
Equipment
235,200
Depreciation expense-Equipment
8,600
Required: Prepare an Income Statement , a fully classified Balance Sheet in narrative format and...
The following information relates to YogaGuru for the year ended 30 June 2020. Prepaid rent 14,500...
The following information relates to YogaGuru for the year ended
30 June 2020.
Prepaid rent
14,500
Accounts payable
52,700
Electricity expense
7,500
Unearned revenue
11,600
Wages payable
12,500
Accumulated depreciation- Equipment
8,600
Capital
?
Rent expense
32,000
Cash at bank
75,800
Wages expense
135,400
Supplies
3,900
Service revenue
282,600
Bank Loan (due in 2025)
38,000
Accounts receivable
7,500
Drawings
4,000
Equipment
235,200
Depreciation expense-Equipment
8,600
Required: Prepare an Income Statement , a fully classified Balance Sheet in narrative format and...
The following information relates to YogaGuru for the year ended 30 June 2020. Prepaid rent 14,500...
The following information relates to YogaGuru for the year ended
30 June 2020.
Prepaid rent
14,500
Accounts payable
52,700
Electricity expense
7,500
Unearned revenue
11,600
Wages payable
12,500
Accumulated depreciation- Equipment
8,600
Capital
?
Rent expense
32,000
Cash at bank
75,800
Wages expense
135,400
Supplies
3,900
Service revenue
282,600
Bank Loan (due in 2025)
38,000
Accounts receivable
7,500
Drawings
4,000
Equipment
235,200
Depreciation expense-Equipment
8,600
Required: Prepare an Income Statement , a fully classified Balance Sheet in narrative format and...
The following data relates to ABC Ltd: • Profit for the year ended 30 June 20X1,...
The following data relates to ABC Ltd: • Profit for the year
ended 30 June 20X1, $500,000. • On 31 March 20X1, the directors
decided to pay an interim cash dividend of $100,000. • On 7 April
20X1, the interim dividend was paid. • For final dividends, the
company’s constitution provides that the directors can recommend a
dividend to be subsequently declared by a resolution of the members
in a general meeting. • The directors recommended a final dividend
of...
he following data relates to ABC Ltd: • Profit for the year ended 30 June 20X1,...
he following data relates to ABC Ltd: • Profit for the year
ended 30 June 20X1, $500,000. • On 31 March 20X1, the directors
decided to pay an interim cash dividend of $100,000. • On 7 April
20X1, the interim dividend was paid. • For final dividends, the
company’s constitution provides that the directors can recommend a
dividend to be subsequently declared by a resolution of the members
in a general meeting. • The directors recommended a final dividend
of...
The following information relates to Lindisfarne Travel Pty Ltd as at 30 June 2020: Unearned Revenue...
The following information relates to Lindisfarne Travel Pty Ltd
as at 30 June 2020: Unearned Revenue 3,200 Accumulated Depreciation
- Furniture & Fittings 76,500 Travel Expense 182,000 Salary
Payable 500 Cash at Bank 45,500 Loan (paid in two years) 35,000
Sales Revenue 1,272,000 Prepaid Rent 8,000 Accounts Payable 26,500
Accounts Receivable 79,500 Furniture & Fittings 176,500 Capital
??? Depreciation Expense- Furniture & Fittings 24,500 Required:
Prepare a classified Narrative Balance Sheet. Marks will be
deducted for including items that do...
The following information is related to Sunglow Solar Ltd: Sales for the year ended 30 June...
The following information is related to Sunglow Solar Ltd:
Sales for the year ended 30 June 2019 was $1,200,000
Provision for warranties before adjustment was $36,000
At 30 June 2019, Sunglow Solar Ltd. adjusted its Provision for
Warranties so that it would be equal to 4% of sales for the year
ended on that date.
On 16 September 2019, a successful claim for warranty on faulty
goods to the cost of $700 was made on Sunglow Solar Ltd.
Required:
Prepare...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You are a CPA paid to prepare tax returns for various clients. One of your newest...
- The lob in tennis is an effective tactic when your opponent is near the net. It...
- ecruitment practices are particularly susceptible to claims of discrimination as barriers to equal opportunity. If applicants...
- Calculate the heat flux (W / m2) through a composite wall made of material A whose...
- Assuming normal heptane and normal octane to form ideal solutions, do the following: d) Calculate the...
- The protections from the security software must continue when the device is taken off the network,...
- Differences between viruses that infect eukaryotes and prokaryotes. Describe the genome classification of viruses that infect...
ADVERTISEMENT