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The following information is provided in respect of the business of Classic Collectors for the...

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Question

Accounting

The following information is provided in respect of the business of Classic Collectors for the year ended the 30th of June 2022.

$

Sales on Credit

220,000

Expenses paid in cash

72,230

Receipts from customers

200,540

Payment to suppliers

36,500

Payment to employees

85,300

Rent received

31,800

Proceeds from borrowings

30,000

GST paid

6,100

Depreciation on office equipment

8,650

Cash paid for office equipment

25,000

Proceeds from sale of property

150,000

Repayment of loan

125,000

Cash contribution from owner

10,000

Cash taken by owner for personal use

40,000

Cash balance at 1 July 2022

24,810

Required:

Prepare a Statement of Cash flows from the relevant information provided (10 Marks)

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