Pelican Inc. Comparative Statements of Financial Position as of December 31, .... Pelican Inc. Statement of Profit or Loss for the year ended December 31, 2023 2023 2022 $ $ $ $ Cash 55,000 45,000 Sales Revenue 1,000,000 Accounts Receivable 100,000 82,000 Less Cost of Goods Sold 600,000 Allowance for Doubtful Accounts (14,000) (12,000) Gross Profit 400,000 Prepaid Expenses 10,000 8,000 Less Operating Expenses (Note 1) 300,000 Inventory 65,000 60,000 Income from Operations 100,000 Equity Investments (non-trading) 70,000 80,000 Other Income and Expenses: Equipment 50,000 40,000 Loss on Sale of Investments (5,000) Building 300,000 300,000 Gain on Sale of Equipment 2,000 (3,000) Land 80,000 40,000 Income before taxes 97,000 716,000 643,000 Less Income taxes 48,000 Net Income 49,000 Accumulated Depreciation - Equipment 15,000 10,000 Accumulated Depreciation - Building 33,000 30,000 Accounts Payable 70,000 75,000 Income Tax Payable 12,000 10,000 Long Term Notes Payable Share Capital Ordinary Retained Earnings 60,000 440,000 86,000 716,000 70,000 Additional information: Note 1: Operating expenses Includes bad debts and depreciation - Equipment that cost $20,000 and was 50% depreciated at the time of disposal was sold for $12,000 350,000 - Ordinary shares were issued in exchange for land 98,000 643,000 - Equity investments which cost $30,000 were sold - Uncollectible accounts valued at $2,000 were written off during the year Cash dividends were declared and paid during the year REQUIRED: Prepare the Statement of Cash Flows (indirect method) by completing the schedule below. IMPORTANT REMINDER!!! DO NOT USE BRACKETS TO INDICATE NEGATIVE NUMBERS OR CASH OUTFLOWS, USE THE MINUS SIGN.
Pelican Inc. Statement of Cash Flows (Indirect) for year ended December 31, 2023 $ $ Cash flows from operating activities Net Income Answer 1 Question 2 Adjustments: Depreciation Answer 2 Question 2 Answer 3 Question 2 on Sale of Answer 4 Question 2 5 000 Answer 5 Question 2 on Sale of Answer 6 Question 2 Answer 7 Question 2 Answer 8 Question 2 in Accounts Receivable (net) Answer 9 Question 2 Answer 10 Question 2 in Prepaid Expenses Answer 11 Question 2 Answer 12 Question 2 in Inventory Answer 13 Question 2 Answer 14 Question 2 in Accounts Payable Answer 15 Question 2 Answer 16 Question 2 in Answer 17 Question 2 Answer 18 Question 2 Subtotal Answer 19 Question 2 Net cash Answer 20 Question 2 by operating activities Answer 21 Question 2 Cash flows from investing activities Answer 22 Question 2 of Answer 23 Question 2 Answer 24 Question 2 Answer 25 Question 2 of Investments Answer 26 Question 2 Answer 27 Question 2 of Answer 28 Question 2 12 000 Sale of Answer 29 Question 2 Answer 30 Question 2 Net cash Answer 31 Question 2 by investing activities Answer 32 Question 2 Cash flows from financing activities Answer 33 Question 2 of Answer 34 Question 2 Answer 35 Question 2 Payment of Dividends Answer 36 Question 2 Answer 37 Question 2 of Answer 38 Question 2 Answer 39 Question 2 Net cash Answer 40 Question 2 by financing activities Answer 41 Question 2 Net Answer 42 Question 2 in cash Answer 43 Question 2 Cash, Answer 44 Question 2 Answer 45 Question 2 Cash, Answer 46 Question 2 Answer 47 Question 2
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