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Sheffield Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2023: Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Goodwill Total assets Sheffield Inc. Comparative Statement of Financial Position December 31 Accumulated depreciation-equipment Goodwill Total assets Sales revenue Cost of goods sold Gross margin Sheffield Inc. Income Statement Year Ended December 31, 2023 Operating expenses Operating income Interest expense Net income 1. Accounts payable Income tax payable Salaries and wages payable Short-term loans payable Long-term loans payable Common shares Retained earnings Total liabilities and shareholders equity $291,810 Impairment loss-goodwill Gain on disposal of equipment Income before income tax Income tax expense Net income Additional information: 2023 $12.100 40,000 (3.100) $45,670 57,930 39.990 5,240 164,220 (35,240) 14,000 $291,810 (35,240) 14,000 $291.810 $46,120 3.990 8,060 7,930 54,000 130,000 41.710 $347.785 165.000 182.785 120,000 62.785 49,000 13,785 4,175 $9.610 $9,610 2022 $25,060 51,010 60,150 4,110 130,040 (25.110) 54,000 $299.260 (25.110) 54,000 $299.260 $40,040 6,150 4,060 10,010 73,000 130,000 36,000 $299.260 Dividends on common shares in the amount of $3.900 were declared and paid during 2023. Dividends paid are treated as financing activities. 2 Depreciation expense is included in operating expenses, as is salaries and wages expense of $71,000. 3. Equipment with a cost of $40,000 that was 70% depreciated was sold during 2023. 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 eg. (15,000)) Sheffield Inc. Statement of Cash Flows (Indirect Method) SUPPORT SUPPORT SUPPORT SUPPORT

Sheffield Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2023: Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Goodwill Total assets Sheffield Inc. Comparative Statement of Financial Position December 31 Accumulated depreciation-equipment Goodwill Total assets Sales revenue Cost of goods sold Gross margin Sheffield Inc. Income Statement Year Ended December 31, 2023 Operating expenses Operating income Interest expense Net income 1. Accounts payable Income tax payable Salaries and wages payable Short-term loans payable Long-term loans payable Common shares Retained earnings Total liabilities and shareholders equity $291,810 Impairment loss-goodwill Gain on disposal of equipment Income before income tax Income tax expense Net income Additional information: 2023 $12.100 40,000 (3.100) $45,670 57,930 39.990 5,240 164,220 (35,240) 14,000 $291,810 (35,240) 14,000 $291.810 $46,120 3.990 8,060 7,930 54,000 130,000 41.710 $347.785 165.000 182.785 120,000 62.785 49,000 13,785 4,175 $9.610 $9,610 2022 $25,060 51,010 60,150 4,110 130,040 (25.110) 54,000 $299.260 (25.110) 54,000 $299.260 $40,040 6,150 4,060 10,010 73,000 130,000 36,000 $299.260 Dividends on common shares in the amount of $3.900 were declared and paid during 2023. Dividends paid are treated as financing activities. 2 Depreciation expense is included in operating expenses, as is salaries and wages expense of $71,000. 3. Equipment with a cost of $40,000 that was 70% depreciated was sold during 2023. 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 eg. (15,000)) Sheffield Inc. Statement of Cash Flows (Indirect Method) SUPPORT SUPPORT SUPPORT SUPPORT

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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Sheffield Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2023: Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Goodwill Accumulated depreciation-equipment Goodwill Total assets Accounts payable Income tax payable Salaries and wages payable. Short-term loans payable Long-term loans payable Common shares Retained earnings Total liabilities and shareholders' equity Sheffield Inc. Comparative Statement of Financial Position December 31 Total assets Net income Sales revenue Cost of goods sold Gross margin Operating expenses Operating income Interest expense Impairment loss-goodwill Gain on disposal of equipment Income before income tax Income tax expense Net income 1. 2 3. Additional information: Sheffield Inc. Income Statement Year Ended December 31, 2023 $12,100 40,000 (3,100) 2023 $45.670 57,930 39.990 5,240 164,220 (35,240) 14,000 $291,810 (35,240) 14,000 $291,810 $46,120 3,990 8,060 7,930 54,000 130,000 41,710 $291,810 $347.785 165.000 182.785 120,000 62.785 49,000 13,785 4,175 $9,610 $9,610 2022 $25,060 51,010 60.150 4.110 130.040 (25.110) 54,000 $299.260 (25.110) 54,000 $299.260 $40,040 6,150 4,060 10,010 73,000 130,000 36,000 $299,260 Dividends on common shares in the amount of $3.900 were declared and paid during 2023. Dividends paid are treated as financing activities. Depreciation expense is included in operating expenses, as is salaries and wages expense of $71,000. Equipment with a cost of $40,000 that was 70% depreciated was sold during 2023. 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 eg. (15,000).) Sheffield Inc. Statement of Cash Flows (Indirect Method) SUPPORT SUPPORT SUPPORT SUPPORT
Transcribed Image Text:Sheffield Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2023: Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Goodwill Accumulated depreciation-equipment Goodwill Total assets Accounts payable Income tax payable Salaries and wages payable. Short-term loans payable Long-term loans payable Common shares Retained earnings Total liabilities and shareholders' equity Sheffield Inc. Comparative Statement of Financial Position December 31 Total assets Net income Sales revenue Cost of goods sold Gross margin Operating expenses Operating income Interest expense Impairment loss-goodwill Gain on disposal of equipment Income before income tax Income tax expense Net income 1. 2 3. Additional information: Sheffield Inc. Income Statement Year Ended December 31, 2023 $12,100 40,000 (3,100) 2023 $45.670 57,930 39.990 5,240 164,220 (35,240) 14,000 $291,810 (35,240) 14,000 $291,810 $46,120 3,990 8,060 7,930 54,000 130,000 41,710 $291,810 $347.785 165.000 182.785 120,000 62.785 49,000 13,785 4,175 $9,610 $9,610 2022 $25,060 51,010 60.150 4.110 130.040 (25.110) 54,000 $299.260 (25.110) 54,000 $299.260 $40,040 6,150 4,060 10,010 73,000 130,000 36,000 $299,260 Dividends on common shares in the amount of $3.900 were declared and paid during 2023. Dividends paid are treated as financing activities. Depreciation expense is included in operating expenses, as is salaries and wages expense of $71,000. Equipment with a cost of $40,000 that was 70% depreciated was sold during 2023. 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 eg. (15,000).) Sheffield Inc. Statement of Cash Flows (Indirect Method) SUPPORT SUPPORT SUPPORT SUPPORT
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