The comparative, unclassified statement of financial position for Cullumber Ltd. shows the following balances at December 31: Assets Cash Cullumber Ltd. Statement of Financial Position December 31 Accounts receivable Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Bank overdraft Accounts payable Income tax payable Interest payable Dividends payable 2017 $0 41,000 29,000 30,000 55,000 103,000 115,000 525,000 260,000 (62,000) (98,000) 78,000 41,000 (16,000) (8,000) $711,000 $406,000 2018 $24,000 $0 $13,000 $42.000 $23,000 3,000 2,000 4,000 5,000 3,000 1,000 Bank loan payable-current portion 27,000 16,000 Bank loan payable-non-current portion 387,000 228,000 Common shares 195,000 89,000 Retained earnings 50,000 29,000 Total liabilities and shareholders' equity $711,000 $406,000 Additional information regarding 2018: 1. Net income was $58.000. 2. Again of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. Again on the disposal of $40,000 was recorded when an old building was sold for $54,000 cash. A new building was purchased for $365,000 and depreciation expense on buildings for the year was $50,000. 4. Equipment costing $ 60,000 was purchased while a loss of $5,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $ 13,000. 5. The company took out $ 210,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company. A Ca tement of cou New Pane CULLUMBER LTD. Statement of Cash Flows-Indect Lu 3 G 3 *** ****** ******** ****** ✔
The comparative, unclassified statement of financial position for Cullumber Ltd. shows the following balances at December 31: Assets Cash Cullumber Ltd. Statement of Financial Position December 31 Accounts receivable Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Bank overdraft Accounts payable Income tax payable Interest payable Dividends payable 2017 $0 41,000 29,000 30,000 55,000 103,000 115,000 525,000 260,000 (62,000) (98,000) 78,000 41,000 (16,000) (8,000) $711,000 $406,000 2018 $24,000 $0 $13,000 $42.000 $23,000 3,000 2,000 4,000 5,000 3,000 1,000 Bank loan payable-current portion 27,000 16,000 Bank loan payable-non-current portion 387,000 228,000 Common shares 195,000 89,000 Retained earnings 50,000 29,000 Total liabilities and shareholders' equity $711,000 $406,000 Additional information regarding 2018: 1. Net income was $58.000. 2. Again of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. Again on the disposal of $40,000 was recorded when an old building was sold for $54,000 cash. A new building was purchased for $365,000 and depreciation expense on buildings for the year was $50,000. 4. Equipment costing $ 60,000 was purchased while a loss of $5,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $ 13,000. 5. The company took out $ 210,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company. A Ca tement of cou New Pane CULLUMBER LTD. Statement of Cash Flows-Indect Lu 3 G 3 *** ****** ******** ****** ✔
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The comparative, unclassified statement of financial position for Cullumber Ltd. shows the following balances at December 31:
Assets
Cash
Cullumber Ltd.
Statement of Financial Position
December 31
Accounts receivable
Inventory
Lood
Land
Buildings
Accumulated depreciation-buildings
Equipment
Accumulated depreciation-equipment
Total assets
Total assets
Liabilities and Shareholders' Equity
Liabilities and
Bank overdraft
Accounts payable
Income tax payable
Interest payable
Dividends payable
Bank loan payable-current portion
Bank loan payable-non-current portion
Common shares
Retained earnings
2018
$24,000
2017
$0
29,000
41,000
30,000
55,000
103,000 115,000
525,000 260,000
(62,000) (98,000)
78,000
41,000
(16,000) (8,000)
$711,000 $406,000
$0
$ 42,000
3,000
4,000
M
3,000
27,000
387,000
195,000
$13,000
$23,000
2,000
5,000
1,000
16,000
228,000
89,000
50,000
29,000
Total liabilities and shareholders' equity $711,000 $406,000
Additional information regarding 2018:
1. Net income was $ 58,000.
2. Again of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year.
3. Again on the disposal of $40,000 was recorded when an old building was sold for $54,000 cash. A new building was purchased for $365,000 and depreciation expense on buildings for the
year was $50,000.
4. Equipment costing $ 60,000 was purchased while a loss of $5,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated
depreciation of $ 13,000.
5. The company took out $ 210,000 of new bank loans during the year.
6. Dividends were declared and paid and no common shares were bought back by the company.
Prepare the statement of cash flows using the indirect method how amounts that deceth-sign-15,000 or in 15.000
CULLUMBER LTD.
Statement of Cash Flows-Indirect Method
Year Ended Dec 31, 2018
✓
Co
N
Adjustments to reconcincome to
Friday
v
*** ****** ******* ***********
$
1000
[I]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F43dc20aa-3f46-4b3b-a05b-7bab1ba305a6%2F62cec2c9-8292-4034-9bc0-ad24b4770229%2Fs6aqgat_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The comparative, unclassified statement of financial position for Cullumber Ltd. shows the following balances at December 31:
Assets
Cash
Cullumber Ltd.
Statement of Financial Position
December 31
Accounts receivable
Inventory
Lood
Land
Buildings
Accumulated depreciation-buildings
Equipment
Accumulated depreciation-equipment
Total assets
Total assets
Liabilities and Shareholders' Equity
Liabilities and
Bank overdraft
Accounts payable
Income tax payable
Interest payable
Dividends payable
Bank loan payable-current portion
Bank loan payable-non-current portion
Common shares
Retained earnings
2018
$24,000
2017
$0
29,000
41,000
30,000
55,000
103,000 115,000
525,000 260,000
(62,000) (98,000)
78,000
41,000
(16,000) (8,000)
$711,000 $406,000
$0
$ 42,000
3,000
4,000
M
3,000
27,000
387,000
195,000
$13,000
$23,000
2,000
5,000
1,000
16,000
228,000
89,000
50,000
29,000
Total liabilities and shareholders' equity $711,000 $406,000
Additional information regarding 2018:
1. Net income was $ 58,000.
2. Again of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year.
3. Again on the disposal of $40,000 was recorded when an old building was sold for $54,000 cash. A new building was purchased for $365,000 and depreciation expense on buildings for the
year was $50,000.
4. Equipment costing $ 60,000 was purchased while a loss of $5,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated
depreciation of $ 13,000.
5. The company took out $ 210,000 of new bank loans during the year.
6. Dividends were declared and paid and no common shares were bought back by the company.
Prepare the statement of cash flows using the indirect method how amounts that deceth-sign-15,000 or in 15.000
CULLUMBER LTD.
Statement of Cash Flows-Indirect Method
Year Ended Dec 31, 2018
✓
Co
N
Adjustments to reconcincome to
Friday
v
*** ****** ******* ***********
$
1000
[I]
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