BRAMBLE COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $67,000...
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BRAMBLE COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $67,000 $43,000 Accounts receivable 77,000 60,000 Inventories 130,000 99,000 Property, plant, and equipment 300,000 230,000 Accumulated depreciation (79,500) (70,000) Land 89,000 99,000 $583,500 $461,000 Liabilities and shareholders' equity Accounts payable $56,000 $48,000 Income taxes payable 11,000 17,000 Bonds payable 138,000 76,000 Common shares 230,000 200,000 Retained earnings 148,500 120,000 $583,500 $461,000 BRAMBLE COMPANY Statement of Income For the year ended December 31, 2024 Sales revenue Gain on sale of equipment Less: $430,000 3,700 $433,700 Cost of goods sold 200,000 Operating expenses (excluding depreciation) 64,000 Depreciation expense 47,200 Income taxes 38,000 349,200 Net income $84,500 Additional information: 1. 2. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transaction. Equipment costing $47,000 was sold for $13,000, which was $3,700 more than its book value at the time of disposal. Prepare the company's statement of cash flows for 2024 using the indirect method. Assume Bramble 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).) BRAMBLE COMPANY STATEMENT OF CASH FLOWS - INDIRECT METHOD SA A A A > > > > > > > $ $ $ +A BRAMBLE COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $67,000 $43,000 Accounts receivable 77,000 60,000 Inventories 130,000 99,000 Property, plant, and equipment 300,000 230,000 Accumulated depreciation (79,500) (70,000) Land 89,000 99,000 $583,500 $461,000 Liabilities and shareholders' equity Accounts payable $56,000 $48,000 Income taxes payable 11,000 17,000 Bonds payable 138,000 76,000 Common shares 230,000 200,000 Retained earnings 148,500 120,000 $583,500 $461,000 BRAMBLE COMPANY Statement of Income For the year ended December 31, 2024 Sales revenue Gain on sale of equipment Less: $430,000 3,700 $433,700 Cost of goods sold 200,000 Operating expenses (excluding depreciation) 64,000 Depreciation expense 47,200 Income taxes 38,000 349,200 Net income $84,500 Additional information: 1. 2. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transaction. Equipment costing $47,000 was sold for $13,000, which was $3,700 more than its book value at the time of disposal. Prepare the company's statement of cash flows for 2024 using the indirect method. Assume Bramble 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).) BRAMBLE COMPANY STATEMENT OF CASH FLOWS - INDIRECT METHOD SA A A A > > > > > > > $ $ $ +A
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