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The comparative, unclassified statement of financial position for Sheridan Ltd. showst Sheridan Ltd. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 34,000 $0 Accounts receivable 30,000 41,000 Inventory 35,000 59,000 Land 100,000 112,000 Buildings 532,000 264,000 Accumulated depreciation-buildings (71.000) (99,000) Equipment 85,000 37,000 Accumulated depreciation-equipment (27.000) (15,000) Total assets $718,000 $399,000 Liabilities and Shareholders' Equity Bank overdraft $0 $8.000 Accounts payable $ 44,000 $ 23,000 $0 $8,000 $44,000 3,000 $ 23,000 2,000 7,000 6,000 Liabilities and Shareholders' Equity Bank overdraft Accounts payable Income tax payable Interest payable Dividends payable Bank loan payable-current portion Bank loan payable-non-current portion Common shares Retained earnings Total liabilities and shareholders' equity 3,000 1.000 22.000 24,000 388,000 215,000 204,000 93,000 48,000 26,000 $399,000 $718,000 1 Additional information regarding 2021 Net income was $59,000 Again of $9,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. A gain on the disposal of $33,000 was recorded when an old building was sold for $47.000 cash. A new building was purchased for $368,000 and depreciation expense on buildings for the year was $58,000 Equipment costing $68,000 was purchased while a loss of $4,000 was recorded on equipment that was sold for $5.000. The 2 3 4 UUUUU 20 Total liabilities and shareholders' equity $718,000 $399.000 Additional information regarding 2021 1 2. 3 Net income was $59.000 A gain of $9.000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. Again on the disposal of $33,000 was recorded when an old building was sold for $47.000 cash. Anew building was purchased for $368,000 and depreciation expense on buildings for the year was $58,000 Equipment costing 568,000 was purchased while a loss of $4,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $11,000, The company took out $205.000 of new bank loans during the year Dividends were declared and paid and no common shares were bought back by the company. $ 5 6 (a) Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign -15,000 or in parenthesis eg. (15,000).) murni ITD SHERIDAN LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2021 Cash flows from operating activities Net income 59000 Adjustments to reconcile net income to Depreciation expense 58000 Depreciation expense 23000 Loss on disposal of equipment 19000) (33000) 4000 + 11000 24000 . . . . Question 1 of 1 --/30 2000 11000 24000 . end Media