Information is provided below from the statement of financial position and income statement for Pina Road Inc.,
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Information is provided below from the statement of financial position and income statement for Pina Road Inc., an IFRS company, for the year ended December 31. Pina Road has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. activities.
Comparative Statement of Financial Position, as of December 31 | |||||||
2017 | 2016 | ||||||
Money | $81,700 | $48,050 | |||||
accounts receivable | 91,800 | 37,800 | |||||
Inventory | 128.400 | 108,650 | |||||
Investments in land | 91,900 | 115,000 | |||||
Property, plant and equipment | 295.000 | 212,000 | |||||
Accumulated depreciation | (48,500 | ) | (40.000 | ) | |||
$ 640,300 | $ 481,500 | ||||||
Accounts payable | $54,500 | $49,080 | |||||
Accrued Obligations | 12,300 | 19,630 | |||||
Pay | 144.000 | 76,000 | |||||
Common actions | 245.000 | 208,000 | |||||
Retained earnings | 184.500 | 128,790 | |||||
$ 640,300 | $ 481,500 | ||||||
Income Statement, year ended December 31, 2017 | |||||||
Income | |||||||
Sales | $291,420 | ||||||
Gain on sale of investment in land | 5,000 | ||||||
Gain on sale of equipment | 8,870 | ||||||
305,290 | |||||||
Bills | |||||||
cost of goods sold | $99,360 | ||||||
depreciation expense | 56,800 | ||||||
operating expenses | 14,730 | ||||||
Income from tax expenses | 38,700 | ||||||
Interest expenses | 2,820 | 212,410 | |||||
Net Income | $ 92,880 |
Additional Information:
1. | Investments in land were sold at a profit during 2017. | |
2. | The $57,300 piece of equipment sold for $17,870, resulting in a profit. | |
3. | Common shares were issued in exchange for some equipment during the year. No other shares were issued. | |
4. | The rest of the equipment purchases were paid for in cash. |
Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show the amounts that decrease cash flow with a - sign, such as -15,000, or in parentheses, such as (15,000).)
Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
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