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The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Assets Cash IVANHOE LTD. Statement of Financial Position December 31 Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity 2021 $58,000 83,000 176,000 5,000 73,000 260,000 (79,000) $576,000 $26,000 9,000 107,000 217,000 217,000 $576,000 2020 $23,000 73,500 186,000 3,000 130,000 160,000 (38.000) $537.500 $42,000 6,000 185,500 174,000 130,000 $537.500

The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Assets Cash IVANHOE LTD. Statement of Financial Position December 31 Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity 2021 $58,000 83,000 176,000 5,000 73,000 260,000 (79,000) $576,000 $26,000 9,000 107,000 217,000 217,000 $576,000 2020 $23,000 73,500 186,000 3,000 130,000 160,000 (38.000) $537.500 $42,000 6,000 185,500 174,000 130,000 $537.500

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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Additional information pertaining to 2021: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Net income was $115,900. Sales were $996,000. Cost of goods sold was $756,000. Operating expenses were $49,000, exclusive of depreciation expense. Depreciation expense was $41,000. 4. Interest expense was $13,000. Income tax expense was $27,000. Long-term investments were sold at a gain of $5.900. No equipment was sold during the year. $78,500 of the bank loan was repaid during the year. Common shares were issued for $43,000. Prepare a statement of cash flows using the direct method.
Transcribed Image Text:Additional information pertaining to 2021: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Net income was $115,900. Sales were $996,000. Cost of goods sold was $756,000. Operating expenses were $49,000, exclusive of depreciation expense. Depreciation expense was $41,000. 4. Interest expense was $13,000. Income tax expense was $27,000. Long-term investments were sold at a gain of $5.900. No equipment was sold during the year. $78,500 of the bank loan was repaid during the year. Common shares were issued for $43,000. Prepare a statement of cash flows using the direct method.
The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Assets Cash IVANHOE LTD. Statement of Financial Position December 31 Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets 2021 $58,000 83,000 176,000 5,000 73,000 260,000 (79,000) $576,000 Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares 217,000 Retained earnings 217,000 Total liabilities and shareholders' equity $576,000 $26,000 9,000 107,000 2020 $23,000 73,500 186,000 3,000 130,000 160,000 (38.000) $537,500 $ 42,000 6,000 185,500 174,000 130,000 $537,500
Transcribed Image Text:The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Assets Cash IVANHOE LTD. Statement of Financial Position December 31 Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets 2021 $58,000 83,000 176,000 5,000 73,000 260,000 (79,000) $576,000 Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares 217,000 Retained earnings 217,000 Total liabilities and shareholders' equity $576,000 $26,000 9,000 107,000 2020 $23,000 73,500 186,000 3,000 130,000 160,000 (38.000) $537,500 $ 42,000 6,000 185,500 174,000 130,000 $537,500
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