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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ?
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.
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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