The comparative statement of financial position of Marigold Inc. as at June 30.2023, and a statement of comprehensive income forthe 2023 fiscal year followMARIGOLD INC.Statement of Financial PositionJune 30.2023AssetsCashAccounts receivableInventoryPrepaid expensesFV-OCI investmentsEquipmentAccumulated depreciation-equipmentTotalLiabilities and Shareholders' EquityAccounts payableIncome tax payableDividends payableLong-term notes payableCommon sharesRetained earningsAccumulated other comprehensive incomeTotalJune 3020232022$ 20.000$44,00086.20072.400104,000101,4002,8005,60048,00044,900171.000158,500(34,400)(25.000)$ 397.600 $ 401.800$ 114,000 $ 102,0001,7003,5004,80080,700122,00030,10024.200155,000141,90011,3008.200$ 397,600$ 401.800MARIGOLD INC.Statement of Comprehensive IncomeFor the Year Ended June 30, 2023Net sales$340,000Cost of goods sold175,000Grass profe165,000Operating expenses123,500Income from operations41.500Interest expense9.000Income before income tax32.500Income tax5,00027,50Net incomeOther comprehensive incomeUnrealized gain or loss--OCI3.100Comprehensive income$30.600Additional informationMarigold follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows.Operating expenses include $9,400 in depreciation expense.3.There were no disposals of equipment during the year.Common shares were issued for cash5. During the year, Marigold acquired $8,700 of equipment in exchange for long-term notes payable(a)Prepare the statement of cash flows for Marigold for the year ended June 30, 2023, using the indirect method along with anynecessary note disclosure (Show amounts that decrease cash flow with either a-signes 15,000 or in parenthesis eg. (15,000)MARIGOLD INC.Statement of Cash FlowsJune 30,2023Adjustments to reconcile net income tonet cash provided by operating activities

Cash Flow Statement -A business's inflow and outflow of cash and cash equivalents are tracked in an…

The comparative statement of financial position of Marigold Inc. as at June 30, 2023, and a statement of comprehensive income for the 2023 fiscal year follow MARIGOLD INC. Statement of Financial Position June 30, 2023 Assets Cash Accounts receivable Inventory Prepaid expenses FV OCI investments Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity June 30 2023 2022 $ 20.000 $ 44,000 86.200 72,400 104,000 101,400 2,800 5,600 48.000 44,900 171.000 158.500 (34,400) (25,000) $ 397.600 $ 401.800

The comparative statement of financial position of Marigold Inc. as at June 30, 2023, and a statement of comprehensive income for the 2023 fiscal year follow MARIGOLD INC. Statement of Financial Position June 30, 2023 Assets Cash Accounts receivable Inventory Prepaid expenses FV OCI investments Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity June 30 2023 2022 $ 20.000 $ 44,000 86.200 72,400 104,000 101,400 2,800 5,600 48.000 44,900 171.000 158.500 (34,400) (25,000) $ 397.600 $ 401.800

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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