Question: need help with following question please: Prepare a condensed statement of financial position at December 31,2023 for Bramble House. info to answer question in the




Bramble House Inc. had the following condensed statement of financial position at December 31, 2022: Bramble House follows IFRS and chooses to classify dividends paid as financing activities and interest paid as operating activities on the statement of cashflows. During 2023, the following occurred: 1. Bramble House sold part of its investment portfolio in bonds for $16,300, resulting in a gain of $240. 2. Dividends totalling $16,700 were paid to shareholders. 3. A parcel of land, to be used as a parking lot, was purchased for $4.200. 4. Common shares were issued for cash totalling $19,200. 5. Bonds payable of $8,800 were retired at par. 6. Equipment was purchased through the issuance of $31.000 of bonds 7. Net income for 2023 was $44,000 after allowing for depreciation on Bramble House's plant assets of $14,400. The amount of interest paid during 2023 was $4,190 and the amount of income taxes paid was $19,600. 8. Both current assets (other than cash) and current liabilities remained at the same amount. Your answer is correct. Prepare a statement of cash flows for 2023 using the indirect method. (Show amounts thot decrease cash flow with either a negative stgn es, 15,000 or in parenthests es (15,000)) Net Cash Provided by Operating Activities 58160 Cash Flows from Investing Activities Proceeds on Sale of Investment in Bonds. \begin{tabular}{|r|} \hline 16300 \\ \hline \end{tabular} Purchase of Land Net Cash Provided by Investing Activities \begin{tabular}{|c|||l|} \hline 12100 \\ \hline \end{tabular} Cash Flows from Financing Activities Dividends Paid (16700) Proceeds from Issuance of Common Shares \begin{tabular}{|l|l|} \hline & 19200 \\ \hline \end{tabular} Payments to Retire Bonds Payable \begin{tabular}{|l|l|} \hline & (16700) \\ \hline \end{tabular} \begin{tabular}{|r|} \hline(8800) \\ \hline \end{tabular} Net Cash Used by Financing Activities Net increase in Cash \begin{tabular}{|l|l|} \hline 16300) \\ \hline \end{tabular} Net Cash Used by Financing Activities Net Increase in Cash Cash Balance, January 1,2023 Cash Baiance, December 31, 2023 Non-Cash Investing and Financing Activities Issuance of Bonds for Equipment Supplemental disclosures of cash flow information: Cash Paid During the Year for income Taxes CashPaid During the Year for Interest
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
