Sheridan Homes Ltd., a private company reporting under ASPE, reported the following for the year ender September 30, 2021: 2021 2020 Land $432,000 $288,000 Building 504,000 504,000 Equipment 200,160 180,000 Accumulated depreciation 93,600 79,200 Dividends payable 14,400 28,800 Mortgage note payable 158,400 72,000 Common shares 334,000 211,600 Retained earnings 316,800 115.200 Depreciation expense 21.600 Gain on equipment sold 2,880 Profit 302,400 Additional information: 1. Equipment was purchased for $28,800. 2. Land was purchased for $50,400 cash and a mortgage note payable was issued for the balance. 3. Common shares were issued for $122,400 cash. Prepare the investing and financing activities sections of the cash flow statement and any required note disclosure. (Hint: Use Taccounts to help you calculate the cash flows) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis es. (15,000)) SHERIDAN HOMES LTD. Cash Flow Statement (Partial)

Sheridan Homes Ltd., a private company reporting under ASPE, reported the following for the year ender September 30, 2021: 2021 2020 Land $432,000 $288,000 Building 504,000 504,000 Equipment 200,160 180,000 Accumulated depreciation 93,600 79,200 Dividends payable 14,400 28,800 Mortgage note payable 158,400 72,000 Common shares 334,000 211,600 Retained earnings 316,800 115.200 Depreciation expense 21.600 Gain on equipment sold 2,880 Profit 302,400 Additional information: 1. Equipment was purchased for $28,800. 2. Land was purchased for $50,400 cash and a mortgage note payable was issued for the balance. 3. Common shares were issued for $122,400 cash. Prepare the investing and financing activities sections of the cash flow statement and any required note disclosure. (Hint: Use Taccounts to help you calculate the cash flows) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis es. (15,000)) SHERIDAN HOMES LTD. Cash Flow Statement (Partial)

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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