Sheridan Ltd, which follows ASPE had the following comparative statement of financial position: Assets Cash Sheridan...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sheridan Ltd, which follows ASPE had the following comparative statement of financial position: Assets Cash Sheridan Ltd. Comparative Statement of Financial Position December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation equipment Patents Total assets 2024 $80.100 136,000 81.900 11.900 307,500 (73.500) 78,000 $621.900 2023 $48.000 100,000 123,700 9.000 258.500 (52,500) 96,200 $582,900 Accounts payable Notes payable Liabilities and Shareholders' Equity 590.300 7.700 16.600 16,300 203500 277.500 110,000 Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total Facilities and shareholders' equity $621.900 $77.500 11.800 8.800 20,300 121.400 277.500 65.600 55821900 Additional information: . . . Net income for the fiscal year was $53,000. Equipment that cost $42,000 and was 70% depreciated was sold during 2024, for a gain of $4.000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Sheridan Ltd. for the purchase of inventory. Prepare the operating activities section of a statement of cash flows using the indirect format. (Show amounts that decrease.com with either a-sign e.g.-15.000 or in parenthesis eg. (15,000)) Sheridan Ltd, which follows ASPE had the following comparative statement of financial position: Assets Cash Sheridan Ltd. Comparative Statement of Financial Position December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation equipment Patents Total assets 2024 $80.100 136,000 81.900 11.900 307,500 (73.500) 78,000 $621.900 2023 $48.000 100,000 123,700 9.000 258.500 (52,500) 96,200 $582,900 Accounts payable Notes payable Liabilities and Shareholders' Equity 590.300 7.700 16.600 16,300 203500 277.500 110,000 Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total Facilities and shareholders' equity $621.900 $77.500 11.800 8.800 20,300 121.400 277.500 65.600 55821900 Additional information: . . . Net income for the fiscal year was $53,000. Equipment that cost $42,000 and was 70% depreciated was sold during 2024, for a gain of $4.000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Sheridan Ltd. for the purchase of inventory. Prepare the operating activities section of a statement of cash flows using the indirect format. (Show amounts that decrease.com with either a-sign e.g.-15.000 or in parenthesis eg. (15,000))
Expert Answer:
Answer rating: 100% (QA)
The Operating activities section of the statement of cash flows using indirect method Statemen... 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:
Students also viewed these accounting questions
-
The consolidated statement of financial position for MIC as at 31 March 2009 and its comparative for 2008 are shown below: The consolidated income statement for MIC for the year ended 31 March 2009...
-
Crane Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment...
-
Which one of the following considered the most effective control for cash disbursement: Select one: O a. Pay directly by cash O b. Pay by bank transfer O c. Pay by check O d. Always make credit sales
-
QUESTION 5 Directions: Passage B is the story of a childs first Halloweenparade. Read the passage carefully. Answer the questions thatfollow. Passage B I am six years old. It is Halloween. The school...
-
Before the merger of Mendys and Arbys Wendys made a huge purchase of its own shares and in total bought back over 26 million shares for approximately $1 billion. Before the purchase, 125.5 million...
-
Graphical derivation of beta A fund manager wishes to estimate graphically the betas for two assets, X and Y. It has gathered the return data shown in the following table for the market portfolio and...
-
A contract is created to refurbish a luxury yacht: new color schemes, new furniture, new wall and floor coverings, new light fixtures, and window treatmentsthe whole works. Of course, it is not just...
-
At December 31, 2011, the records of NCIS Corporation provided the following selected and incomplete data: Common stock (par $10; no changes during the year). Shares authorized, 200,000. Shares...
-
Map the EER model of the following databases, to a relational model. Show all integrity types(Clarify your answer by underline the Primary key, and dotted line the Foreign Key. ( Member SSN {PK}...
-
Draw a decision tree for the problem of deciding whether to move forward at a road intersection, given that the light has just turned green.
-
You can access the cannyMS Office 3 6 5 with your active UniFirstaccount true or flase
-
Many advertisers use classical conditioning to help sell their products. This is often done when advertisers get the exposed person to associate the positive feeling they felt when watching the ad...
-
How can effective communication address these disparities to mitigate the risk of social loafing? In diverse teams, how might cultural differences influence perceptions of individual roles and...
-
Give an example of standardizing arguments.
-
Analyze the following arguments 1- Identify the number of statement 2- Identify the conclusion 3- Identify the premises 4- Identify the independent or linked premises with Arrow or lus and arrow ...
-
discusses concepts of social costs and benefits, and private costs and benefits in the context of business activities from these sources: References: 1. Tietenberg, T., & Lewis, L. (2016)....
-
J1= !X1 !X2 + Q2 X1 X2 K1= !X1 !X2 + !Q2 X1 X2 J2= !X1 !X2 + !Q1 X1 X2 K2= !X1 !X2 + Q1 X1 X2 Z= Q1 How would you wire this? It says it resets to State A = 00, which is the first state. And would...
-
What kind of financial pressures can an LBO cause?
-
The following facts pertain to a non-cancellable lease agreement between Woodhouse Leasing Corporation and McKee Electronics Ltd., a lessee, for a computer system: The collectibility of the lease...
-
The trial balance of Slum Dog Fashion Centre Inc., a private company following ASPE, contained the following accounts at November 30, the company?s fiscal year end: Adjustment data: 1. Supplies on...
-
On April 1, 2020, Petey Ltd. paid $175 for a call to buy 700 shares of NorthernTel at a strike price of $27 per share any time during the next six months. The market price of NorthernTel's shares was...
-
Fill in the blanks to make the following statements correct. a. Economists have designed____________ to better explain and predict the behaviour we observe in the world around us. b. A variable, such...
-
The following supply and demand schedules describe a hypothetical Canadian market for potash. a. What is the equilibrium price of potash? b. How much potash would actually be purchased if the price...
-
According to Statistics Canada, Canada's exports and imports of energy (combined totals of fossil fuels, hydro, and nuclear, all measured in petajoules) over a five-year period were as follows: a....
Study smarter with the SolutionInn App