Reference no: EM132661111
Question - Statement of Cash Flows
The following comparative Balance Sheets and the Income Statement prepared by Gibson Global Ltd for the year ended 30 June 2019.
Gibson Global Ltd Balance Sheet (Extract) 30 June 2019 30 June 2020 Current Assets Bank 12230 ? Accounts Receivable 34690 30000 Inventory 38600 45000 Prepaid Insurance 1100 1350 Current Liabilities Accounts Payable 26770 22500 Loan - EZY Bank 8000 10000 Accrued Wages 1500 1300 Gibson Global Ltd Income Statement For the year ended 30 June 2020 $ $ Sales 650000 Less: Cost of Sales 325000 Gross Profit 325000 325000 Less: Other Expenses Advertising 25000 Bad Debts 4000 Depreciation - Delivery Vans 6000 Discount Expense 8000 Interest Expense 5000 Insurance Expense 3000 Other Expenses 120000 Wages 70000 241000 Net profit 84000
Additional Information -
All inventory purchases and sales were on credit
$5000 of the existing loan was repaid, and took out a new loan
Purchased new equipment for $7,500 cash
Issued new shares for $30,000 cash
Required -
a) Calculate cash receipts from Accounts Receivable during the year ending 30 June 2020.
b) Calculate payments to Accounts payable during the year ending 30 June 2020.
c) Prepare the Cash Flow Statement for the year ending 30 June 2020.
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