heffield Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid nancing activities Condensed financial data for 2020 and 2019 follow (in thousands) SHEFFIELD LIMITED Comparative Statement of Financial Position December 31 Cash FV-Nl investments Accounts receivable Inventory Plant assets Accumulated depreciation Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings Sales Cost of goods sold Gross margin Administrative expenses Income from operations Other expenses and gains 2020 interest expense Gain on disposal of FV-NI investments Income before tax income tax expense $2.025 1.300 1.800 1.630 1.995 (1200) $7,550 $1,250 230 SHEFFIELD LIMITED Income Statement Year Ended December 31, 2020 1.985 2685 $7,550 $:20 1 80 2019 $1,150 1,420 1,305 2,015 1,745 (1,170 1 $6,465 $905 280 1,635 1,745 1,900 $6,465 $6,950 4,700 2,250 910 1,340 1,400 405 $995 dditional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were so 220 The FV-NI investments' carrying amount and market value were the same at December 31, 2020. repare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15.000 wenthesis eg. (15,000). Enter amounts in thousands)
heffield Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid nancing activities Condensed financial data for 2020 and 2019 follow (in thousands) SHEFFIELD LIMITED Comparative Statement of Financial Position December 31 Cash FV-Nl investments Accounts receivable Inventory Plant assets Accumulated depreciation Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings Sales Cost of goods sold Gross margin Administrative expenses Income from operations Other expenses and gains 2020 interest expense Gain on disposal of FV-NI investments Income before tax income tax expense $2.025 1.300 1.800 1.630 1.995 (1200) $7,550 $1,250 230 SHEFFIELD LIMITED Income Statement Year Ended December 31, 2020 1.985 2685 $7,550 $:20 1 80 2019 $1,150 1,420 1,305 2,015 1,745 (1,170 1 $6,465 $905 280 1,635 1,745 1,900 $6,465 $6,950 4,700 2,250 910 1,340 1,400 405 $995 dditional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were so 220 The FV-NI investments' carrying amount and market value were the same at December 31, 2020. repare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15.000 wenthesis eg. (15,000). Enter amounts in thousands)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheffield Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as
financing activities. Condensed financial data for 2020 and 2019 follow (in thousands)
SHEFFIELD LIMITED
Comparative Statement of Financial Position
December 31
Cash
FV-Ni investments
Accounts receivable
Inventory
Plant assets
Accumulated depreciation
Accounts payable
Accrued liabilities
Mortgage payable
Common shares
Retained earnings
Sales
Cost of goods sold
Gross margin
Administrative expenses
Income from operations
Other expenses and gains
Interest expense
Gain on disposal of FV-NI investments
Income before tax
Income tax expense
Net income
2020
$2,025
1.300
1.800
1.630
1.995
(1200)
$7,550
Adjustments to reconcile net income to
net cash provided by operating activities:
$1,250
230
1,400
SHEFFIELD LIMITED
Income Statement
Year Ended December 31, 2020
1.985
2685
$7,550
5:20 1
80
2019
$1,150
1,420
1,305
2,015
1,745
(1,170)
$6,465
$905
280
1,635
1,745
1,900
$6,465
$6,950
4,700
2,250
910
1,340
60
1,400
405
$995
Additional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were sold in
2020. The FV-NI investments' carrying amount and market value were the same at December 31, 2020.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15.000 or in
parenthesis eg. (15,000). Enter amounts in thousands)
Sheffield Limited
Statement of Cash Flows
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