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Business
Accounting
Assets Cash Term deposits (maturing in 60 days) Accounts receivable Inventory Estimated inventory returns Long-term investments. Equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (non-current) Common shares Retained earnings Total liabilities and shareholders' equity Additional information pertaining to 2024: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. SHERIDAN LTD. Statement of Financial Position December 31 Cash Flows from Operating Activities Cash Receipts from Customers Cash Payments To Suppliers For Income Tax For Interest For Operating Expenses 2024 Net Cash Provided by Operating Activities $53,100 4,900 Cash Flows from investing Activities 90,000 ♥ 178,000 5,000 79,000 260,000 (82,000) $588,000 $27,000 8,000 147,000 203,000 SHERIDAN LTD. Statement of Cash Flows-Direct Method For the Year Ended December 31, 2024 203.000 $588,000 2023 $24,100 900 Net income was $98,100. Sales were $978,000. Cost of goods sold was $756,000. Operating expenses were $46,000, exclusive of depreciation expense. Depreciation expense was $43,000. Interest expense was $19,000. Income tax expense was $21.000. Long-term investments were sold at a gain of $5,100. These investments are carried at their cost, so gains and losses on these investments are recorded only when the investments are sold. No equipment was sold during the year. $52.000 of the bank loan was repaid during the year. Common shares were issued for $24,000. 81,000 Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis e.g. (15,000)) 189,000 3,000 130,000 178,000 (39,000) $567,000 $51,000 3,000 199,000 179,000 135,000 $567,000 978.000

Assets Cash Term deposits (maturing in 60 days) Accounts receivable Inventory Estimated inventory returns Long-term investments. Equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (non-current) Common shares Retained earnings Total liabilities and shareholders' equity Additional information pertaining to 2024: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. SHERIDAN LTD. Statement of Financial Position December 31 Cash Flows from Operating Activities Cash Receipts from Customers Cash Payments To Suppliers For Income Tax For Interest For Operating Expenses 2024 Net Cash Provided by Operating Activities $53,100 4,900 Cash Flows from investing Activities 90,000 ♥ 178,000 5,000 79,000 260,000 (82,000) $588,000 $27,000 8,000 147,000 203,000 SHERIDAN LTD. Statement of Cash Flows-Direct Method For the Year Ended December 31, 2024 203.000 $588,000 2023 $24,100 900 Net income was $98,100. Sales were $978,000. Cost of goods sold was $756,000. Operating expenses were $46,000, exclusive of depreciation expense. Depreciation expense was $43,000. Interest expense was $19,000. Income tax expense was $21.000. Long-term investments were sold at a gain of $5,100. These investments are carried at their cost, so gains and losses on these investments are recorded only when the investments are sold. No equipment was sold during the year. $52.000 of the bank loan was repaid during the year. Common shares were issued for $24,000. 81,000 Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis e.g. (15,000)) 189,000 3,000 130,000 178,000 (39,000) $567,000 $51,000 3,000 199,000 179,000 135,000 $567,000 978.000

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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Assets Cash Term deposits (maturing in 60 days) Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (non-current) Common shares Retained earnings Total liabilities and shareholders' equity Additional information pertaining to 2024: 1, 2 3. 4. 5. 6. 7. 8. 9. 10. 11 SHERIDAN LTD. Statement of Financial Position December 31 Cash Flows from Operating Activities Cash Receipts from Customers Cash Payments To Suppliers For Income Tax For Interest For Operating Expenses 2024 Net Cash Provided by Operating Activities $53,100 4,900 Cash Flows from Investing Activities 90,000 3 178,000 5,000 79,000 260,000 (82,000) $588,000 $27,000 8,000 SHERIDAN LTD. Statement of Cash Flows-Direct Method For the Year Ended December 31, 2024 147,000 203,000 203,000 $588,000 2023 $24,100 Net income was $98,100. Sales were $978,000. Cost of goods sold was $756.000. Operating expenses were $46,000, exclusive of depreciation expense. Depreciation expense was $43,000. Interest expense was $19,000. Income tax expense was $21.000. Long-term investments were sold at a gain of $5,100. These investments are carried at their cost, so gains and losses on these investments are recorded only when the investments are sold. No equipment was sold during the year. $52.000 of the bank loan was repaid during the year. Common shares were issued for $24,000. 900 Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000)) 81,000 189,000 3,000 130,000 178,000 (39,000) $567,000 $51,000 3,000 199,000 179,000 135,000 $567,000 978.000
Transcribed Image Text:Assets Cash Term deposits (maturing in 60 days) Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (non-current) Common shares Retained earnings Total liabilities and shareholders' equity Additional information pertaining to 2024: 1, 2 3. 4. 5. 6. 7. 8. 9. 10. 11 SHERIDAN LTD. Statement of Financial Position December 31 Cash Flows from Operating Activities Cash Receipts from Customers Cash Payments To Suppliers For Income Tax For Interest For Operating Expenses 2024 Net Cash Provided by Operating Activities $53,100 4,900 Cash Flows from Investing Activities 90,000 3 178,000 5,000 79,000 260,000 (82,000) $588,000 $27,000 8,000 SHERIDAN LTD. Statement of Cash Flows-Direct Method For the Year Ended December 31, 2024 147,000 203,000 203,000 $588,000 2023 $24,100 Net income was $98,100. Sales were $978,000. Cost of goods sold was $756.000. Operating expenses were $46,000, exclusive of depreciation expense. Depreciation expense was $43,000. Interest expense was $19,000. Income tax expense was $21.000. Long-term investments were sold at a gain of $5,100. These investments are carried at their cost, so gains and losses on these investments are recorded only when the investments are sold. No equipment was sold during the year. $52.000 of the bank loan was repaid during the year. Common shares were issued for $24,000. 900 Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000)) 81,000 189,000 3,000 130,000 178,000 (39,000) $567,000 $51,000 3,000 199,000 179,000 135,000 $567,000 978.000
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