Sheridan Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts...
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Sheridan Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Sheridan Ltd. Comparative Statement of Financial Position December 31 Total assets 2024 $80,100 136,000 81,900 11,900 307,500 (73,500) 78,000 $621,900 2023 $48,000 100,000 123,700 9,000 258,500 (52,500) 96,200 $582,900 Liabilities and Shareholders' Equity $90,300 7,700 16,600 16,300 103,500 277,500 Accounts payable Notes payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity 110,000 $621,900 $77,500 11,800 8,800 20,300 121,400 277,500 65,600 $582,900 Additional information: . Net income for the fiscal year was $53,000. Equipment that cost $42,000 and was 70% depreciated was sold during 2024, for a gain of $4,000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Sheridan Ltd. for the purchase of inventory. Prepare the operating activities section of a statement of cash flows using the indirect format. Sheridan Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Sheridan Ltd. Comparative Statement of Financial Position December 31 Total assets 2024 $80,100 136,000 81,900 11,900 307,500 (73,500) 78,000 $621,900 2023 $48,000 100,000 123,700 9,000 258,500 (52,500) 96,200 $582,900 Liabilities and Shareholders' Equity $90,300 7,700 16,600 16,300 103,500 277,500 Accounts payable Notes payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity 110,000 $621,900 $77,500 11,800 8,800 20,300 121,400 277,500 65,600 $582,900 Additional information: . Net income for the fiscal year was $53,000. Equipment that cost $42,000 and was 70% depreciated was sold during 2024, for a gain of $4,000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Sheridan Ltd. for the purchase of inventory. Prepare the operating activities section of a statement of cash flows using the indirect format.
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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