SHEFFIELD COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $60,000...

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SHEFFIELD COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $60,000 $42,000 Accounts receivable 79,000 59,000 Inventories 130,000 97,000 Property, plant, and equipment 280,000 240,000 Accumulated depreciation (79,500) (70,000) Land 86,000 102,000 $555,500 $470,000 Liabilities and shareholders' equity Accounts payable $59,000 $45,000 Income taxes payable 12,000 17,000 Bonds payable 118,400 108,000 Common shares 230,000 180,000 Retained earnings 136,100 120,000 $555,500 $470,000 SHEFFIELD COMPANY Statement of Income For the year ended December 31, 2024 Sales revenue Gain on sale of equipment $410,000 4,300 $414,300 Less: Cost of goods sold 200,000 Operating expenses (excluding depreciation) 65,000 Depreciation expense 43,800 Income taxes 39,000 347,800 Net income $66,500 Additional information: 1. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transacti 2. Equipment costing $40,000 was sold for $10,000, which was $4,300 more than its book value at the time of disp Prepare the company's statement of cash flows for 2024 using the indirect method. Assume Sheffield follows IFRS and has chosen to classify dividends paid as financing activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SHEFFIELD COMPANY STATEMENT OF CASH FLOWS - INDIRECT METHOD $ $ $ $ SHEFFIELD COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $60,000 $42,000 Accounts receivable 79,000 59,000 Inventories 130,000 97,000 Property, plant, and equipment 280,000 240,000 Accumulated depreciation (79,500) (70,000) Land 86,000 102,000 $555,500 $470,000 Liabilities and shareholders' equity Accounts payable $59,000 $45,000 Income taxes payable 12,000 17,000 Bonds payable 118,400 108,000 Common shares 230,000 180,000 Retained earnings 136,100 120,000 $555,500 $470,000 SHEFFIELD COMPANY Statement of Income For the year ended December 31, 2024 Sales revenue Gain on sale of equipment $410,000 4,300 $414,300 Less: Cost of goods sold 200,000 Operating expenses (excluding depreciation) 65,000 Depreciation expense 43,800 Income taxes 39,000 347,800 Net income $66,500 Additional information: 1. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transacti 2. Equipment costing $40,000 was sold for $10,000, which was $4,300 more than its book value at the time of disp Prepare the company's statement of cash flows for 2024 using the indirect method. Assume Sheffield follows IFRS and has chosen to classify dividends paid as financing activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SHEFFIELD COMPANY STATEMENT OF CASH FLOWS - INDIRECT METHOD $ $ $ $