Determine the amount of cash received or paid

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Reference no: EM132761875

Study the following transactions of Bluebells Ltd.

i. The company delivered a product worth $270,000 on 30 June 2019. 65% of the selling price was received on the same day, but another 35% will be received in July 2019.

ii. Products worth $500,000 were delivered to a customer on 28 June 2019. 20% of the price was received on 2 May 2019 as a deposit. Another 80% will be received on 3 July 2019.

iii. Salary incurred for June was $150,000 and was paid in cash on 5 July 2019.

iv. Rent for June and July 2019 was paid on 1 June 2019. Each month's rent amount is $50,000.

Problem 1: For each transaction, using the cash accounting principle, determine the amount of cash received or paid that should be reported in the statement of cash flows for the month ended 30 June 2019. Make sure that you indicate if the amount is an inflow or outflow.

Reference no: EM132761875

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