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Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 277,500 110,000 $621,900 277,500 65,600 $582,900 Net income for the fiscal year was $53,000. Equipment that cost $42,000 and was 70% depreciated was sold during 2024, for a gain of $4,000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Sheridan Ltd. for the purchase of inventory. Prepare the operating activities section of a 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).)

Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 277,500 110,000 $621,900 277,500 65,600 $582,900 Net income for the fiscal year was $53,000. Equipment that cost $42,000 and was 70% depreciated was sold during 2024, for a gain of $4,000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Sheridan Ltd. for the purchase of inventory. Prepare the operating activities section of a 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).)

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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Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 277,500 110,000 $621,900 277,500 65,600 $582,900 Net income for the fiscal year was $53,000. Equipment that cost $42,000 and was 70% depreciated was sold during 2024, for a gain of $4,000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Sheridan Ltd. for the purchase of inventory. Prepare the operating activities section of a 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).)
Transcribed Image Text:Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 277,500 110,000 $621,900 277,500 65,600 $582,900 Net income for the fiscal year was $53,000. Equipment that cost $42,000 and was 70% depreciated was sold during 2024, for a gain of $4,000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Sheridan Ltd. for the purchase of inventory. Prepare the operating activities section of a 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).)
Current Attempt in Progress Sheridan Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Total assets Patents Sheridan Ltd. Comparative Statement of Financial Position December 31 Total assets 2024 Accounts payable Notes payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity $80,100 136,000 81,900 11,900 307,500 (73,500) 78,000 $621,900 78,000 $621,900 Liabilities and Shareholders' Equity $90,300 7,700 16,600 16,300 103,500 277,500 110,000 $621,900 2023 $48,000 100,000 123,700 9,000 258,500 (52,500) 96,200 $582,900 70,200 $582,900 $77,500 11,800 8,800 20,300 121,400 277,500 65,600 $582,900
Transcribed Image Text:Current Attempt in Progress Sheridan Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Total assets Patents Sheridan Ltd. Comparative Statement of Financial Position December 31 Total assets 2024 Accounts payable Notes payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity $80,100 136,000 81,900 11,900 307,500 (73,500) 78,000 $621,900 78,000 $621,900 Liabilities and Shareholders' Equity $90,300 7,700 16,600 16,300 103,500 277,500 110,000 $621,900 2023 $48,000 100,000 123,700 9,000 258,500 (52,500) 96,200 $582,900 70,200 $582,900 $77,500 11,800 8,800 20,300 121,400 277,500 65,600 $582,900
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