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Leung LTD. Statement of Financial Position As at September 30, 2023 Assets Current assets: Cash Accounts receivable (net) Inventory Total current assets Equipment Accumulated depreciation, equipment Total assets Liabilities and shareholders' equity Current liabilities: Bank indebtedness Accounts payable Total current liabilities Bank loan payable Common shares Retained earnings Leung LTD. Statement of Income For the year ended September 30, 2023 Sales revenue Cost of goods sold Gross profit Wages expense Utilities expense Depreciation expense Rent expense Income from operations Other Gains/Losses Interest expense Gain on sale of equipment Earnings before income tax Income tax expense Net income 2023 0 450000 692000 1142000 1120000 1400000 1700000 1260000 -1282000-1350000 10000 230000 240000 395000 400000 2022 20000 500000 600000 245000 276000 170000 200000 0 300000 300000 470000 400000 225000 300000 1260000 1470000 -30000 35000 1470000 8350000 7450000 900000 891000 9,000 5000 14,000 5000 9,000 Additional information: 1. During the year, the company made a principal repayment on the bank loan in the amount of $75,000. 2. Equipment with a net carrying amount of $62,000 was sold during the year 3. No equipment was purchased during the year. Required Prepare a cash flow statement using the direct method only, for the year Show the Tee a'e's and the selling IE for Equipment Show the Tee ale for RE'S

Leung LTD. Statement of Financial Position As at September 30, 2023 Assets Current assets: Cash Accounts receivable (net) Inventory Total current assets Equipment Accumulated depreciation, equipment Total assets Liabilities and shareholders' equity Current liabilities: Bank indebtedness Accounts payable Total current liabilities Bank loan payable Common shares Retained earnings Leung LTD. Statement of Income For the year ended September 30, 2023 Sales revenue Cost of goods sold Gross profit Wages expense Utilities expense Depreciation expense Rent expense Income from operations Other Gains/Losses Interest expense Gain on sale of equipment Earnings before income tax Income tax expense Net income 2023 0 450000 692000 1142000 1120000 1400000 1700000 1260000 -1282000-1350000 10000 230000 240000 395000 400000 2022 20000 500000 600000 245000 276000 170000 200000 0 300000 300000 470000 400000 225000 300000 1260000 1470000 -30000 35000 1470000 8350000 7450000 900000 891000 9,000 5000 14,000 5000 9,000 Additional information: 1. During the year, the company made a principal repayment on the bank loan in the amount of $75,000. 2. Equipment with a net carrying amount of $62,000 was sold during the year 3. No equipment was purchased during the year. Required Prepare a cash flow statement using the direct method only, for the year Show the Tee a'e's and the selling IE for Equipment Show the Tee ale for RE'S

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Leung LTD. Statement of Financial Position As at September 30, 2023 Assets Current assets: Cash Accounts receivable (net) Inventory Total current assets Equipment Accumulated depreciation, equipment Total assets Liabilities and shareholders' equity Current liabilities: Bank indebtedness Accounts payable Total current liabilities Bank loan payable Common shares. Retained earings Leung LTD. Statement of Income For the year ended September 30, 2023 Sales revenue Cost of goods sold Gross profit Wages expense Utilities expense Depreciation expense Rent expense Income from operations Other Gains/Losses Interest expense Gain on sale of equipment Earnings before income tax Income tax expense Net income 2023 0 20000 450000 500000 692000 600000 1142000 1120000 1400000 1700000 -1282000-1350000 1260000 1470000 10000 230000 240000 395000 400000 2022 245000 276000 170000 200000 225000 1260000 1470000 -30000 35000 0 300000 300000 470000 400000 300000 8350000 7450000 900000 891000 9,000 5000 14,000 5000 9,000 Additional information: 1. During the year, the company made a principal repayment on the bank loan in the amount of $75,000. 2. Equipment with a net carrying amount of 562,000 was sold during the year 3. No equipment was purchased during the year. Required Prepare a cash flow statement using the direct method only, for the year. Show the Tee a'e's and the selling J/E for Equipment Show the Tee ale for RE's
Transcribed Image Text:Leung LTD. Statement of Financial Position As at September 30, 2023 Assets Current assets: Cash Accounts receivable (net) Inventory Total current assets Equipment Accumulated depreciation, equipment Total assets Liabilities and shareholders' equity Current liabilities: Bank indebtedness Accounts payable Total current liabilities Bank loan payable Common shares. Retained earings Leung LTD. Statement of Income For the year ended September 30, 2023 Sales revenue Cost of goods sold Gross profit Wages expense Utilities expense Depreciation expense Rent expense Income from operations Other Gains/Losses Interest expense Gain on sale of equipment Earnings before income tax Income tax expense Net income 2023 0 20000 450000 500000 692000 600000 1142000 1120000 1400000 1700000 -1282000-1350000 1260000 1470000 10000 230000 240000 395000 400000 2022 245000 276000 170000 200000 225000 1260000 1470000 -30000 35000 0 300000 300000 470000 400000 300000 8350000 7450000 900000 891000 9,000 5000 14,000 5000 9,000 Additional information: 1. During the year, the company made a principal repayment on the bank loan in the amount of $75,000. 2. Equipment with a net carrying amount of 562,000 was sold during the year 3. No equipment was purchased during the year. Required Prepare a cash flow statement using the direct method only, for the year. Show the Tee a'e's and the selling J/E for Equipment Show the Tee ale for RE's
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