ord File Edit View Insert Format Tools Table Window Help DB B DCE Review Q... Quem Insert Design Layout References Mailings Review View Source Sans... 11 A A A A E. BI Usbe X, X? A.2.A . AL + Share A . Styles Styles Pare Review Question_Winter 2020_Page 7 Question #7 Oswald Ltd. has recently decided to go public and has hired you as their independent accountant. They wish to adhere to IFRS and know that they must prepare a statement of cash flows. Their financial statements for 2020 and 2019 are provided below: Dec 31/19 Cash $24000 Statements of Financial Position Dec 31 20 $ $1,000 Accounts receivable.... 45,000 Merchandise inventory Property, plant and equipment... Less accumulated depreciation 140.000 35,000 Total Assets $10.000 $ 120,000 38.000 $2,000 $199.00 $12.000 Accounts payable.... - Income taxes payable Bonds payable.... Common shares...... ........ Retained earnings... Total Liabilities & Shareholders' Equity 22.000 44.000 45,000 27,000 42002 5180.000 75.000 27,000 20.000 $10.00 SL050.000 89402 Income Statement Year ended December 31, 2020 Sales..... Cost of sales......... Gross profit. Selling and administrative expenses Income from operations Interest expense.... Income before taxes Income taxes Net income $36.000 The following additional data were provided for calendar 2020- 1. Dividends declared and paid were $ 24,000 2 Equipment was sold for $30,000. This equipment originally cost $44.000, and had a book value of $36.000 at the time of sale. The loss on sale was included in "selling and administrative expenses, as was the depreciation expense for the year. 3. Bonds were retired during the year at par Page 7 of 9 857 words English (Canada) dtv