The following is a comparative statement of financial position and income statement for Bramble Corporation: Assets...

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The following is a comparative statement of financial position and income statement for Bramble Corporation: Assets Cash Bramble Corporation Balance Sheet As at September 30 Accounts receivable Merchandise inventory Prepaid expenses Long-term investments Equipment Less: Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Income tax payable Bonds payable Common shares Retained earnings 2024 $79,800 88,200 92,400 21,000 210,000 1,192,000 (436,800) $1,246,600 $62,160 17,640 756,000 168,000 242,800 $1,246,600 2023 $107,520 68,040 190,680 15,960 102,480 1,109,600 (378,000) $1,216,280 $68,880 11,760 798,000 117,600 220,040 $1,216,280 Bramble Corporation Income Statement Year Ended September 30, 2024 Sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Gain on disposal of equipment Income before income tax Income tax expense Profit for the year ADDITIONAL INFORMATION: . $749,280 525,000 224,280 155,400 68,880 2,520 1,680 68,040 27,216 $40,824 Depreciation expense is included in operating expenses. During the year, equipment that originally cost $84,000 was sold for cash. The equipment was 60% depreciated at the time of the sale. Long-term investments were purchased for cash during the year. Prepare a statement of cash flows for Bramble Corporation using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Operating Activities Profit for the Year Adjustment to reconcile profit to Bramble Corporation Statement of Cash Flows-Indirect Method For the Year Ended September 30, 2024 Net Cash Provided by Operating Activities Depreciation Expense < < < 1000 VA 40824 The following is a comparative statement of financial position and income statement for Bramble Corporation: Assets Cash Bramble Corporation Balance Sheet As at September 30 Accounts receivable Merchandise inventory Prepaid expenses Long-term investments Equipment Less: Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Income tax payable Bonds payable Common shares Retained earnings 2024 $79,800 88,200 92,400 21,000 210,000 1,192,000 (436,800) $1,246,600 $62,160 17,640 756,000 168,000 242,800 $1,246,600 2023 $107,520 68,040 190,680 15,960 102,480 1,109,600 (378,000) $1,216,280 $68,880 11,760 798,000 117,600 220,040 $1,216,280 Bramble Corporation Income Statement Year Ended September 30, 2024 Sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Gain on disposal of equipment Income before income tax Income tax expense Profit for the year ADDITIONAL INFORMATION: . $749,280 525,000 224,280 155,400 68,880 2,520 1,680 68,040 27,216 $40,824 Depreciation expense is included in operating expenses. During the year, equipment that originally cost $84,000 was sold for cash. The equipment was 60% depreciated at the time of the sale. Long-term investments were purchased for cash during the year. Prepare a statement of cash flows for Bramble Corporation using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Operating Activities Profit for the Year Adjustment to reconcile profit to Bramble Corporation Statement of Cash Flows-Indirect Method For the Year Ended September 30, 2024 Net Cash Provided by Operating Activities Depreciation Expense < < < 1000 VA 40824

Answer rating: 100% (QA)

To prepare the statement of cash flows using the indirect method for Bramble Corporation for the year ended September 30 2024 we start by using the net profit for the year from the income statement an... View the full answer