CashcompAccounts receivableInventoryPrepaid insuranceEquipmentAccumulated depreciation-equipmentTotal assetsBank loansAccounts payableSalaries and wages payableInterest payableIncome tax payableAs at December 31Common sharesneiatt OSICIONT2023$23,60039,10023,0002,880117,370$26,4504,6002,3004,60034,500(25,900)(14,400)$180,050 $169,60074,800Retained earningsTotal liabilities and shareholders' equity $180,050202232,800$14,40029,30034,5002,300103,500$23,0002,3003,4505,75039,60074,80020,700$169,600 Additional information:●●Net income for the fiscal year was $15,550.Equipment that cost $11,500 was sold for a gain of $1,150 during 2023. The equipment's accumulated depreciation was $8,050.Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Cash flow statement is one of the financial statements. It is prepared in order to check the cash…

Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets As at December 31 Accounts payable Salaries and wages payable Interest payable Income tax payable Bank loans Common shares Retained earnings Total liabilities and shareholders' equity 2023 $23,600 39,100 23,000 2,880 17,370 $26,450 4,600 2,300 4,600 103,500 (25,900) (14,400) $180,050 $169,600 34,500 74,800 32,800 2022 $180,050 $14,400 29,300 34,500 2,300 $23,000 2,300 3,450 5,750 39,600 74,800 20,700 $169,600

Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets As at December 31 Accounts payable Salaries and wages payable Interest payable Income tax payable Bank loans Common shares Retained earnings Total liabilities and shareholders' equity 2023 $23,600 39,100 23,000 2,880 17,370 $26,450 4,600 2,300 4,600 103,500 (25,900) (14,400) $180,050 $169,600 34,500 74,800 32,800 2022 $180,050 $14,400 29,300 34,500 2,300 $23,000 2,300 3,450 5,750 39,600 74,800 20,700 $169,600

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 27BE

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