ACC2363_QUIZ 2_Q #99

11/29/23, 12:36 PM Question 99 of 100 - Quiz Two https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=6725a273-fdf5-482a-a475-ba3a80cb0a9f#/question/98 1/2 View Policies Show Attempt History  Your answer is correct. Financial statements for Ivanhoe Corp. are presented below: IVANHOE CORP. Statement of Financial Position January 1, 2023 Assets Cash $163000 Accounts receivable 146000 Buildings and equipment 601500 Accumulated depreciation—buildings and equipment (200000) Patents 68000 Total Assets $778500 Liabilities & Shareholders’ Equity Accounts payable $77800 Common shares 459500 Retained earnings 241200 Total Liabilities & Shareholders’ Equity $778500 IVANHOE CORP. Statement of Cash Flows (indirect method) Year ended December 31, 2023 Cash provided by operating activities Net income $199500 Add back non-cash expenses: Increase in accounts receivable $(64800) Increase in accounts payable 32400 Depreciation expense 61600 Gain on disposal of equipment (25400) Amortization of patents 7600 11400 Cash provided by operating activities 210900 Cash provided by (used in) investing activities Sale of equipment 47500 Purchase of land (99000)