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1. 2 3 Show Transcribed Text 4 5. Show Transcribed Text 6. Additional information: 7. 8 The following information is provided for Ivanhoe Chocolate Corp, which reports under ASPE: 9. Assets 10. Cash 11. Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable IVANHOE CHOCOLATE CORP. Balance Sheet May 31 2024 $34,170 3 95,205 195,800 5,830 141.000 344,000 (78,320) $737,685 Liabilities and Shareholders' Equity Accounts payable Dividends payable Income tax payable Mortgage payable 137,500 Common shares 237,100 Retained earnings 306,710 Total liabilities and shareholders' equity $737,685 $46,145 7.490 $46,145 7,480 2,750 C C 2023 $49,775 No equipment was sold during 2024. Net sales for the year were $741,000. Cost of goods sold for the year was $439,800. Operating costs, including depreciation expense, were $107,500. Interest expense was $5,830. Income tax expense was $41.665. Accounts payable is used for merchandise purchases. 84,975 174,075 84,000 212,000 7,480 (42,075) $570,230 $42.075 593 $42.075 5,830 6.930 86,075 180,700 248,620 $570,230 Profit for 2024 was $124,975. Common shares were issued for $56,400. Land with a cost of $56,400 was sold at a loss of $21,230. Purchased land with a cost of $113,400 with a $61,975 down payment and financed the remainder with a mortgage note payable.

1. 2 3 Show Transcribed Text 4 5. Show Transcribed Text 6. Additional information: 7. 8 The following information is provided for Ivanhoe Chocolate Corp, which reports under ASPE: 9. Assets 10. Cash 11. Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable IVANHOE CHOCOLATE CORP. Balance Sheet May 31 2024 $34,170 3 95,205 195,800 5,830 141.000 344,000 (78,320) $737,685 Liabilities and Shareholders' Equity Accounts payable Dividends payable Income tax payable Mortgage payable 137,500 Common shares 237,100 Retained earnings 306,710 Total liabilities and shareholders' equity $737,685 $46,145 7.490 $46,145 7,480 2,750 C C 2023 $49,775 No equipment was sold during 2024. Net sales for the year were $741,000. Cost of goods sold for the year was $439,800. Operating costs, including depreciation expense, were $107,500. Interest expense was $5,830. Income tax expense was $41.665. Accounts payable is used for merchandise purchases. 84,975 174,075 84,000 212,000 7,480 (42,075) $570,230 $42.075 593 $42.075 5,830 6.930 86,075 180,700 248,620 $570,230 Profit for 2024 was $124,975. Common shares were issued for $56,400. Land with a cost of $56,400 was sold at a loss of $21,230. Purchased land with a cost of $113,400 with a $61,975 down payment and financed the remainder with a mortgage note payable.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. 2. 3. 4 5. 6. Show Transcribed Text 7. 8. The following information is provided for Ivanhoe Chocolate Corp., which reports under ASPE: Show Transcribed Text 9. Assets Additional information: 10. Cash 11. Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable IVANHOE CHOCOLATE CORP. Balance Sheet May 31 2024 $34,170 95,205 195.800 5,830 3 141.000 344,000 (78,320) $737,685 Liabilities and Shareholders' Equity Accounts payable Dividends payable Income tax payable Mortgage payable Common shares 237,100 Retained earnings 306,710 Total liabilities and shareholders' equity $737,685 $46,145 7490 $46,145 7,480 2,750 137,500 2023 $49.775 No equipment was sold during 2024. Net sales for the year were $741,000. Cost of goods sold for the year was $439,800. Operating costs, including depreciation expense, were $107,500. Interest expense was $5,830. Income tax expense was $41,665. Accounts payable is used for merchandise purchases. 84,975 174,075 84,000 212,000 (42,075) $570,230 7,480 $42,075 Է ՈՂՈ $42,075 5,830 6,930 86,075 180,700 248,620 $570,230 Profit for 2024 was $124,975. Common shares were issued for $56,400. Land with a cost of $56,400 was sold at a loss of $21,230. Purchased land with a cost of $113,400 with a $61,975 down payment and financed the remainder with a mortgage note payable.
Transcribed Image Text:1. 2. 3. 4 5. 6. Show Transcribed Text 7. 8. The following information is provided for Ivanhoe Chocolate Corp., which reports under ASPE: Show Transcribed Text 9. Assets Additional information: 10. Cash 11. Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable IVANHOE CHOCOLATE CORP. Balance Sheet May 31 2024 $34,170 95,205 195.800 5,830 3 141.000 344,000 (78,320) $737,685 Liabilities and Shareholders' Equity Accounts payable Dividends payable Income tax payable Mortgage payable Common shares 237,100 Retained earnings 306,710 Total liabilities and shareholders' equity $737,685 $46,145 7490 $46,145 7,480 2,750 137,500 2023 $49.775 No equipment was sold during 2024. Net sales for the year were $741,000. Cost of goods sold for the year was $439,800. Operating costs, including depreciation expense, were $107,500. Interest expense was $5,830. Income tax expense was $41,665. Accounts payable is used for merchandise purchases. 84,975 174,075 84,000 212,000 (42,075) $570,230 7,480 $42,075 Է ՈՂՈ $42,075 5,830 6,930 86,075 180,700 248,620 $570,230 Profit for 2024 was $124,975. Common shares were issued for $56,400. Land with a cost of $56,400 was sold at a loss of $21,230. Purchased land with a cost of $113,400 with a $61,975 down payment and financed the remainder with a mortgage note payable.
Prepare a cash flow statement for the year using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000)) Show Transcribed Text Note X: Land with a cost of $ mortgage note payable for $ IVANHOE CHOCOLATE CORP. Cash Flow Statement $ was purchased by paying $ cash and issuing a
Transcribed Image Text:Prepare a cash flow statement for the year using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000)) Show Transcribed Text Note X: Land with a cost of $ mortgage note payable for $ IVANHOE CHOCOLATE CORP. Cash Flow Statement $ was purchased by paying $ cash and issuing a
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