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 3 years ago
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