Below is a list of accounts and post-closing account balances for Imec Inc. for December 31,...
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Below is a list of accounts and post-closing account balances for Imec Inc. for December 31, 2014 and December 31, 2013: 2014 2013 Cash $96,200 169,650 78,000 80,450 19,500 253,500 (49,725) 647,575 $87,750 152,100 62,400 105,300 19,500 195,000 (29,250) 592,800 Accounts receivable Inventory Long-term investments (FV-NI) Land Plant assets Accumulated depreciation Total Accounts payable Income taxes payable Long-term note payable (due June 30, 2023) 84,175 2,600 67,600 67,275 3,900 80,600 325,000 Common shares Retained earnings Total 390,000 103,200 $647,575 116,025 $592,800 Additional information: 1. Imec's 2014 statement of income is as follows: Sales $1,024,000 608,000 Cost of goods sold Operating expenses (includes $3,200 interest еxpense) Income from operations Loss on sale of FV-NI investments Loss on sale of equipment Income before tax Income tax expense Net income 288,720 127,280 (S1,600) (1,280) (2,880) 124,400 64,000 $60,400 The company follows IFRS and on the statement of cash flows chooses to classify dividends paid as financing activities, and interest paid as operating activities. 2. 3. Plant assets costing $6,000 and $1,200 of depreciation accumulated were sold for $3,520. 4. Cash dividends were declared during the year. A 20% stock dividend was declared during the year and $40,000 of retained earnings was capitalized. 5. Common shares were issued for cash during the year. 6. Investments at FV-NI that cost $22,000 and had a fair value at December 31, 2013 of $29,600 were sold during 2014 for $28,000. There were no further fair value gains or losses realized or unrealized in the investments account. Some additional investments were purchased during the year for cash. 7. Required: (Round final answers to the nearest whole number) Prepare a statement of cash flows for the fiscal year ending December 31, 2014, including all required supplemental disclosures, using the indirect method. (20 marks) Below is a list of accounts and post-closing account balances for Imec Inc. for December 31, 2014 and December 31, 2013: 2014 2013 Cash $96,200 169,650 78,000 80,450 19,500 253,500 (49,725) 647,575 $87,750 152,100 62,400 105,300 19,500 195,000 (29,250) 592,800 Accounts receivable Inventory Long-term investments (FV-NI) Land Plant assets Accumulated depreciation Total Accounts payable Income taxes payable Long-term note payable (due June 30, 2023) 84,175 2,600 67,600 67,275 3,900 80,600 325,000 Common shares Retained earnings Total 390,000 103,200 $647,575 116,025 $592,800 Additional information: 1. Imec's 2014 statement of income is as follows: Sales $1,024,000 608,000 Cost of goods sold Operating expenses (includes $3,200 interest еxpense) Income from operations Loss on sale of FV-NI investments Loss on sale of equipment Income before tax Income tax expense Net income 288,720 127,280 (S1,600) (1,280) (2,880) 124,400 64,000 $60,400 The company follows IFRS and on the statement of cash flows chooses to classify dividends paid as financing activities, and interest paid as operating activities. 2. 3. Plant assets costing $6,000 and $1,200 of depreciation accumulated were sold for $3,520. 4. Cash dividends were declared during the year. A 20% stock dividend was declared during the year and $40,000 of retained earnings was capitalized. 5. Common shares were issued for cash during the year. 6. Investments at FV-NI that cost $22,000 and had a fair value at December 31, 2013 of $29,600 were sold during 2014 for $28,000. There were no further fair value gains or losses realized or unrealized in the investments account. Some additional investments were purchased during the year for cash. 7. Required: (Round final answers to the nearest whole number) Prepare a statement of cash flows for the fiscal year ending December 31, 2014, including all required supplemental disclosures, using the indirect method. (20 marks)
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Imec Inc Statement of Cash Flows For the Year Ended December 31 2014 Operating activities Net income ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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