Novak Limited had the following financial statements: Novak Limited Income Statement For the Year Ended December...
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Novak Limited had the following financial statements: Novak Limited Income Statement For the Year Ended December 31, 2023 Net sales $158,400 Cost of goods sold 93,600 Gross profit 64,800 Operating expenses 26,310 Income from operations 38,490 Interest expense 3,370 Income before income taxes 35,120 Income taxes 10,600 Net income $24,520 Novak Limited Comparative Statement of Financial Position As at December 31 Novak Limited Comparative Statement of Financial Position As at December 31 Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets 2023 2022 $14,400 $9,360 11,280 8,400 15,800 11,280 2,400 1,920 24,520 32,200 (15,600) (17,040) $52,800 $46,120 Accounts payable $4,800 $6,480 Salaries and wages payable 1,920 1,920 Income tax payable 2,880 960 Bank loans 8,400 Common shares 14,400 14,400 Retained earnings 28,800 13,960 Bank loans Common shares 0 8,400 14,400 14,400. Retained earnings 28,800 13,960 Total liabilities and shareholders' equity $52,800 $46,120 Additional information: Equipment that cost $7,680 was sold for the carrying amount of $3,600. Dividends declared and paid were $9.680. Prepare the operating activities section of a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a sign eg.-15,000 or in parenthesis e.g. (15,000).) Novak Limited Partial Statement of Cash Flows For the Year Ended December 31, 2023 $ Novak Limited Partial Statement of Cash Flows For the Year Ended December 31, 2023 14 Novak Limited had the following financial statements: Novak Limited Income Statement For the Year Ended December 31, 2023 Net sales $158,400 Cost of goods sold 93,600 Gross profit 64,800 Operating expenses 26,310 Income from operations 38,490 Interest expense 3,370 Income before income taxes 35,120 Income taxes 10,600 Net income $24,520 Novak Limited Comparative Statement of Financial Position As at December 31 Novak Limited Comparative Statement of Financial Position As at December 31 Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets 2023 2022 $14,400 $9,360 11,280 8,400 15,800 11,280 2,400 1,920 24,520 32,200 (15,600) (17,040) $52,800 $46,120 Accounts payable $4,800 $6,480 Salaries and wages payable 1,920 1,920 Income tax payable 2,880 960 Bank loans 8,400 Common shares 14,400 14,400 Retained earnings 28,800 13,960 Bank loans Common shares 0 8,400 14,400 14,400. Retained earnings 28,800 13,960 Total liabilities and shareholders' equity $52,800 $46,120 Additional information: Equipment that cost $7,680 was sold for the carrying amount of $3,600. Dividends declared and paid were $9.680. Prepare the operating activities section of a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a sign eg.-15,000 or in parenthesis e.g. (15,000).) Novak Limited Partial Statement of Cash Flows For the Year Ended December 31, 2023 $ Novak Limited Partial Statement of Cash Flows For the Year Ended December 31, 2023 14
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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