Grand Corp.'s 20X2 financial statements showed the following: Sales $421,050 $ 160,000 21,000 62,950 36,200 2,550...

  

Transcribed Image Text:

Grand Corp.'s 20X2 financial statements showed the following: Sales $421,050 $ 160,000 21,000 62,950 36,200 2,550 (1,600) Cost of goods sold Depreciation Other operating expenses Income tax Loss on sale of equipment Gain on sale of investment 281,100 Net earnings and ocomprehensive income $ 139,950 As at December 31 Cash 20X2 20X1 $ 56,900 73,500 154,000 $ 45,300 84,600 144,500 Accounts receivable Inventory Equipment Less: accumulated depreciation Investment 456,500 (189,500) 45,000 $ 596,400 $50,900 8,150 391,500 (188,500) 65,000 $ 542,400 $ 85,600 5,800 Total Accounts payable Income tax payable Bonds payable Common shares Retained earnings 37,500 252,000 247,850 252,000 199,000 Total $ 596,400 $ 542,400 Additional information: During the year, equipment with an original cost of $82,000 was sold for cash. Required: 1. Prepare the SCF. (Deductible amounts and Cash outflows should be indicated with minus sign.) GRAND CORP Statement of Cash Flows For the year ended 31 December 20X2 Operations: Investing activities: Financing activities: Opening cash Closing cash %2$ Grand Corp.'s 20X2 financial statements showed the following: Sales $421,050 $ 160,000 21,000 62,950 36,200 2,550 (1,600) Cost of goods sold Depreciation Other operating expenses Income tax Loss on sale of equipment Gain on sale of investment 281,100 Net earnings and ocomprehensive income $ 139,950 As at December 31 Cash 20X2 20X1 $ 56,900 73,500 154,000 $ 45,300 84,600 144,500 Accounts receivable Inventory Equipment Less: accumulated depreciation Investment 456,500 (189,500) 45,000 $ 596,400 $50,900 8,150 391,500 (188,500) 65,000 $ 542,400 $ 85,600 5,800 Total Accounts payable Income tax payable Bonds payable Common shares Retained earnings 37,500 252,000 247,850 252,000 199,000 Total $ 596,400 $ 542,400 Additional information: During the year, equipment with an original cost of $82,000 was sold for cash. Required: 1. Prepare the SCF. (Deductible amounts and Cash outflows should be indicated with minus sign.) GRAND CORP Statement of Cash Flows For the year ended 31 December 20X2 Operations: Investing activities: Financing activities: Opening cash Closing cash %2$

Answer rating: 100% (QA)

GRAND CORP Statement of Cash Flows For the Year Ended 31 December 20x2 Operations ... View the full answer