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SFP accounts of Cullumber Inc., which follows IFRS, follow: Cullumber Inc. Comparative Statement of Financial Position Accounts December 31, 2023 and 2022

SFP accounts of Cullumber Inc., which follows IFRS, follow: Cullumber Inc. Comparative Statement of Financial Position Accounts December 31, 2023 and 2022

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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Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g. -15,000 or in parenthesis e.g. (15,000).) Adjustments to reconcile net income to Cullumber Inc. Statement of Cash Flows $ $
Transcribed Image Text:Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g. -15,000 or in parenthesis e.g. (15,000).) Adjustments to reconcile net income to Cullumber Inc. Statement of Cash Flows $ $
SFP accounts of Cullumber Inc., which follows IFRS, follow: Debit accounts Cash FV-NI investments Accounts receivable Merchandise inventory Machinery Buildings Land Credit accounts Allowance for expected credit losses Accumulated depreciation-machinery Accumulated depreciation-buildings Accounts payable Accrued liabilities Income taxes payable Long-term note payable-non-trade Common shares Cullumber Inc. Comparative Statement of Financial Position Accounts December 31, 2023 and 2022 Retained earnings Additional information: 1. 2. 3. 4. Sales revenue Cost of goods sold Gross margin 2023 $45,495 23,630 67,460 29,940 Investment Loss Interest expense Loss on disposal of machinery Income before tax Income tax expense 29,650 Operating expenses (includes $8,615 depreciation and $5,400 loss on impairment) Income from operations Net income 67.150 7,500 $1,795 5,850 13,705 29.495 2,300 7,500 $270,825 $240,800 960 26,700 150,000 40,020 $270,825 Cullumber's 2023 statement of income is as follows: 2022 $34,150 40,900 60,050 24,000 Cullumber has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. $(2,260) (3,000) (840) 18,300 55,900 $1,045 2,490 9,200 Cash dividends declared during the year were $9,945. A 20% stock dividend was declared during the year and $25,000 of retained earnings was capitalized. FV-NI investments that cost $19,600 and had a fair value at December 31, 2022, of $25,250 were sold during the year for $22,990. (changes in these trading securities are shown net on the SCF) Machinery that cost $3,770 and had $750 of depreciation accumulated was sold for $2,180. 24,250 1,040 1,460 31,700 125,000 44,615 $240,800 $638,000 384,000 254,000 180,550 73,450 (6,100) 67,350 37,000 $30,350
Transcribed Image Text:SFP accounts of Cullumber Inc., which follows IFRS, follow: Debit accounts Cash FV-NI investments Accounts receivable Merchandise inventory Machinery Buildings Land Credit accounts Allowance for expected credit losses Accumulated depreciation-machinery Accumulated depreciation-buildings Accounts payable Accrued liabilities Income taxes payable Long-term note payable-non-trade Common shares Cullumber Inc. Comparative Statement of Financial Position Accounts December 31, 2023 and 2022 Retained earnings Additional information: 1. 2. 3. 4. Sales revenue Cost of goods sold Gross margin 2023 $45,495 23,630 67,460 29,940 Investment Loss Interest expense Loss on disposal of machinery Income before tax Income tax expense 29,650 Operating expenses (includes $8,615 depreciation and $5,400 loss on impairment) Income from operations Net income 67.150 7,500 $1,795 5,850 13,705 29.495 2,300 7,500 $270,825 $240,800 960 26,700 150,000 40,020 $270,825 Cullumber's 2023 statement of income is as follows: 2022 $34,150 40,900 60,050 24,000 Cullumber has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. $(2,260) (3,000) (840) 18,300 55,900 $1,045 2,490 9,200 Cash dividends declared during the year were $9,945. A 20% stock dividend was declared during the year and $25,000 of retained earnings was capitalized. FV-NI investments that cost $19,600 and had a fair value at December 31, 2022, of $25,250 were sold during the year for $22,990. (changes in these trading securities are shown net on the SCF) Machinery that cost $3,770 and had $750 of depreciation accumulated was sold for $2,180. 24,250 1,040 1,460 31,700 125,000 44,615 $240,800 $638,000 384,000 254,000 180,550 73,450 (6,100) 67,350 37,000 $30,350
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