Sheffield Ltd. had the following comparative statement of financial position: Sheffield Ltd. Comparative Statement of Financial...
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Sheffield Ltd. had the following comparative statement of financial position: Sheffield Ltd. Comparative Statement of Financial Position As at December 31 Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets Accounts payable Salaries and wages payable Interest payable Income tax payable Bank loans 2023 $24,100 40,000 23,500 2,940 119,880 2022 $14,700 30,000 35,250 2,350 2,350 4,700 35,250 Common shares 76,400 Retained earnings 33,500 Total liabilities and shareholders' equity $183,920 105,750 (26,500) (14,700) $183,920 $173,350 $27,020 $23,500 4,700 2,350 3,530 5,880 40,510 76,400 21,180 $173,350 Additional information: • Net income for the fiscal year was $15,850. • Equipment that cost $11,750 was sold for a gain of $1,175 during 2023. The equipment's accumulated depreciation was $8,225. Prepare the operating activities section of a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.s. -15,000 or in parenthesis e.g. (15.000).) Sheffield Ltd. had the following comparative statement of financial position: Sheffield Ltd. Comparative Statement of Financial Position As at December 31 Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets Accounts payable Salaries and wages payable Interest payable Income tax payable Bank loans 2023 $24,100 40,000 23,500 2,940 119,880 2022 $14,700 30,000 35,250 2,350 2,350 4,700 35,250 Common shares 76,400 Retained earnings 33,500 Total liabilities and shareholders' equity $183,920 105,750 (26,500) (14,700) $183,920 $173,350 $27,020 $23,500 4,700 2,350 3,530 5,880 40,510 76,400 21,180 $173,350 Additional information: • Net income for the fiscal year was $15,850. • Equipment that cost $11,750 was sold for a gain of $1,175 during 2023. The equipment's accumulated depreciation was $8,225. Prepare the operating activities section of a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.s. -15,000 or in parenthesis e.g. (15.000).)
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CALCULATIONS Depreciation expense Accumulated depreciation at the end of 2023 26500 14700 11800 Depr... View the full answer
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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