PROBLEMS 1 1 An analysis of the cash account for Hermes Ltd for the 2013/2014 financial year revealed the following information: Hermes Ltd (a) Cash on hand 1 July 2013, $34 000. (b) Cash receipts: From issuing short-term debt $11 000 From issuing long-term debt 25 000 From selling land 21 000 From selling equipment … Continue reading “nalysis of the cash account for Hermes Ltd | My Assignment Tutor”
PROBLEMS 1 1 An analysis of the cash account for Hermes Ltd for the 2013/2014 financial year revealed the following information: Hermes Ltd (a) Cash on hand 1 July 2013, $34 000. (b) Cash receipts: From issuing short-term debt $11 000 From issuing long-term debt 25 000 From selling land 21 000 From selling equipment 30 000 From issuing preference shares 15 000 From customers 260 000 From interest received 16 000 (c) Cash payments: To purchase land 25 000 To liquidate long-term debt 32 000 To pay dividends 26 000 To purchase equipment 44 000 To liquidate short-term debt 14 000 To pay suppliers and employees 210 000 To pay interest 5 000 To pay income taxes 25 000 (d) Cash on hand 30 June 2014, $31 000. Required Prepare a statement of cash flows for Hermes for the year ended 30 June 2014 in accordance with the requirements of AASB107
