SB Ltd Statement of comprehensive income For the year ended December 31, 2019 Following are the...

 

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SB Ltd Statement of comprehensive income For the year ended December 31, 2019 Following are the statements of financial position, comprehensive income and supplementary information for SB Ltd. (SB) for the years ended December 31, 2018 and $26,000 14,200 1,600 2019: Sales revenue Cost of goods sold Depreciation expense Wages and salaries expense Operating expense Interest expense Loss on sale of property, plant and equipment Income tax expense Net income Other comprehensive income. Loss on FVOCI-elect investments SB Ltd. Statement of financial position 3,800 2,600 As at December 31 330 2019 2018 120 Assets $ 4400 $ 6,000 1.100 2.250 Cash Accounts receivable (net) Inventory Prepaid insurance FVOCI-elect investments 9,400 6,040 520 1.200 10,600 4,000 75 $2.175 960 Total comprehensive income 800 32.000 (8,000) 16.040 $62 400 Property, plant and equipment Accumulated depreciation 32400 (6,400) Supplementary information: • Equipment costing $5,000 was acquired by issuing an interest-bearing long-tem note for the full amount Land 32,440 $80,000 Total assets • Equipment that originally cost $4,900 was sold during 2019. Liabilities and shareholders' equity • One FVOCI-elect investment was sold for $325 during 2019. The original cost was $265, and the carying value was $300 at the end of 2018. SB's policy is to transfer the net balance of AOCI to retained eamings upon derecognition of this investment. Liabilities: Accounts payable Wages payable Dividends payable Long-tem notes payable Total liabilities $ 4,360 $ 4,000 365 740 560 • Several FVOCI-elect investments were purchased during 2019. 10.400 $15,685 8,000 $12,740 Required: Shareholders' equity: Common shares Retained eamings $54,400 10,000 Prepare a statement of cash flows for the year ended December 31, 2019, using the direct method. (Remember to analyze the FVOC-elect investment a (13 marks) $40,000 9,600 60 $49.660 $62 400 AOCI accounts.) AOCI – FVOCI-elect investments Total shareholders' equity Total liabilities and shareholders' equity (85) $64,315 $80.000 SB Ltd Statement of comprehensive income For the year ended December 31, 2019 Following are the statements of financial position, comprehensive income and supplementary information for SB Ltd. (SB) for the years ended December 31, 2018 and $26,000 14,200 1,600 2019: Sales revenue Cost of goods sold Depreciation expense Wages and salaries expense Operating expense Interest expense Loss on sale of property, plant and equipment Income tax expense Net income Other comprehensive income. Loss on FVOCI-elect investments SB Ltd. Statement of financial position 3,800 2,600 As at December 31 330 2019 2018 120 Assets $ 4400 $ 6,000 1.100 2.250 Cash Accounts receivable (net) Inventory Prepaid insurance FVOCI-elect investments 9,400 6,040 520 1.200 10,600 4,000 75 $2.175 960 Total comprehensive income 800 32.000 (8,000) 16.040 $62 400 Property, plant and equipment Accumulated depreciation 32400 (6,400) Supplementary information: • Equipment costing $5,000 was acquired by issuing an interest-bearing long-tem note for the full amount Land 32,440 $80,000 Total assets • Equipment that originally cost $4,900 was sold during 2019. Liabilities and shareholders' equity • One FVOCI-elect investment was sold for $325 during 2019. The original cost was $265, and the carying value was $300 at the end of 2018. SB's policy is to transfer the net balance of AOCI to retained eamings upon derecognition of this investment. Liabilities: Accounts payable Wages payable Dividends payable Long-tem notes payable Total liabilities $ 4,360 $ 4,000 365 740 560 • Several FVOCI-elect investments were purchased during 2019. 10.400 $15,685 8,000 $12,740 Required: Shareholders' equity: Common shares Retained eamings $54,400 10,000 Prepare a statement of cash flows for the year ended December 31, 2019, using the direct method. (Remember to analyze the FVOC-elect investment a (13 marks) $40,000 9,600 60 $49.660 $62 400 AOCI accounts.) AOCI – FVOCI-elect investments Total shareholders' equity Total liabilities and shareholders' equity (85) $64,315 $80.000

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Answer Statement of cash flows for the Yrended Dec 31 2019 Using direct method Operating activities ... View the full answer