Bramble Ltd. had the following comparative statement of financial position: Cash Bramble Limited Comparative Statement of Financial Position As at December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment 2023 $25,600 42.500 25,000 3.130 127.520 (28.100) 2022 $15,600 31.900 37,500 2.500 112.500 (15.600)
Bramble Ltd. had the following comparative statement of financial position: Cash Bramble Limited Comparative Statement of Financial Position As at December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment 2023 $25,600 42.500 25,000 3.130 127.520 (28.100) 2022 $15,600 31.900 37,500 2.500 112.500 (15.600)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bramble Ltd. had the following comparative statement of financial position:
Cash
Bramble Limited
Comparative Statement of Financial Position
As at December 31
Accounts receivable
Inventory
Prepaid insurance
Equipment
Accumulated depreciation-equipment
Total assets
Accounts payable
Salaries and wages payable
Interest payable
Income tax payable
Bank loans
Common shares
Retained earnings
Total liabilities and shareholders' equity
2023
$25,600
42.500
25,000
3.130
5.000
2.500
2022
5.000
$15,600
127,520
(28.100)
(15.600)
$195,650 $184,400
37.500
81.300
35.600
$195.650
31.900
37,500
$28.750 $25,000
2.500
112.500
2,500
3,750
6,250
43,100
81,300
22,500
$184,400
Transcribed Image Text:Additional information:
Net income for the fiscal year was $16.850.
• Equipment that cost $12,500 was sold for a gain of $1,250 during 2023. The equipment's accumulated depreciation was $8,750.
.
Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or imm
parenthesis e.g. (15,000).)
Bramble Ltd.
Statement of Cash Flows (Indirect method)
>
¯¯¯¯¯
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