Michaels Ltd. had available at the end of 2022 the following information. Instructions Prepare a statement of
Question:
Michaels Ltd. had available at the end of 2022 the following information.
Instructions
Prepare a statement of cash flows for Michaels Ltd. using the direct method. Assume the short-term investments are non-trading. Bond premium amortized was £5,550.
Transcribed Image Text:
Michaels Ltd. Comparative Statements of Financial Position As of December 31, 2022 and 2021 2022 2021 Land £125,000 £175,000 Buildings Accumulated depreciation-buildings (105,000) (87,500) 350,000 350,000 Equipment 525,000 400,000 Accumulated depreciation-equipment (130,000) (112,000) Patents 45,000 50,000 Inventory 42,000 35,000 Prepaid rent 3,000 12,000 Prepaid insurance 2,100 900 Supplies 1,000 750 Accounts receivable 20,500 12,950 Short-term equity investments 22,000 30,000 Cash 10,000 4,000 Total assets £910,600 £871,100 Share capital-ordinary Share premium-ordinary £240,000 £220,000 25,000 17,500 Retained earnings 123,297 88,747 Long-term notes payable 60,000 70,000 Bonds payable 420,303 425,853 Accounts payable 22,000 32,000 Income taxes payable Salaries and wages payable 5,000 4,000 5,000 3,000 Short-term notes payable 10,000 10,000 Total equity and liabilities £910,600 £871,100
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Michaels Ltd Statement of Cash Flows For the year ended December 31 2022 Cash flows from operating a...View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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