The statements of comprehensive income, statement of financial position andadditional information for Tara Co are provided below.Tara Co.Statement of Comprehensive IncomeFor the year ended December 31, 2021Sales revenue32,000Cost of goods sold17,700Gross Profit14,300Depreciation expenseWages and salaries expense2,0004,200Other Operating expenses3,1009,300Operating IncomeOther revenues and expenses5,000Interest expense750Gain on sale of Equipment120Income before Tax4,370Income tax expense1,529Net income2,841Other comprehensive incomeGain on FVTOCI Investments40Total Comprehensive income2,881 Tara Co.Statement of Financial PositionAs at December 31, 202120212020Cash4,4006,000Accounts receivable (net)9,400 10,6006,0404,000InventoryPrepaid rent5201,20064,840 48,040- 6,400 - 8,000960FVTOCI Investments800Property, Plant and EquipmentAccumulated depreciation80.00062,400Accounts payable4,0953,700Wages payableInterest payable365710360300Unearned revenues500700Dividends payable560Long term Note Payable10,30052,000 39,00012,0008,300Common sharesRetained earningsAccumulated OCI – FVTOCI Investments9,6001809080,000 62,400Additional Information for 2021:Machinery costing $10,000 was acquired by issuing a long-term note forthe full amount.Machinery with original cost of $5,500 was sold during the year.One FVTOCI investment was sold for $400 during the year. Thisinvestment's original cost was $160 and had a carrying value of $360 atthe beginning of 2021.Required :Prepare the following parts of the Statement of Cash Flow for the yearended December 31, 2021:Cash flow from operations (direct method)Cash flow from investing

The cash flow statement shows the cash inflow and cash outflow of the company by the operating,…

Answered: The statements of comprehensive income,…

The statements of comprehensive income, statement of financial position and additional information for Tara Co are provided below.

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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