Comparative statements of financial position and a statement of earnings for Ponderosa Pines Ltd. follow: Ponderosa Pines
Question:
Ponderosa Pines Ltd.
Statements of Financial Position
As at December 31, 2011 and 2010
Ponderosa Pines Ltd.
Statements of Earnings
For the Year Ended December 31,2011
Required:
Prepare a statement of cash flows for Ponderosa Pines Ltd. for the year ended December 31, 2011.
Transcribed Image Text:
2011 2010 Current assets Cash Accounts receivable, net Iventories Prepaid insurance 70,00030,000 211,000 245,000 31,000 517,000 250,000 269,000 18,000 607 ,000 Total current assets Non-current assets Plant and equipment Less: Accumulated depreciation 958,000 180,000 02,000) 856,000 74,000 0 930,000 1,512,000 1,447,000 970,000 Patents (net) Investment in Cone Company's common shares 790,000 65,000 50,000 905,000 Total non-current assets Total assets Current liabilities Accounts payable Accrued liabilities Income taxes payable Dividends payable (see Note 1) $ 205,000 165.000 155,000 20,000 21,000 361,000 83,000 24,000 Total current liabilities 312.000 Non-current liabilities Bonds payable 200,000 512,000 200,000 561,000 Total liabilities Shareholders' equity Common shares 450,000 550,000 1.000,000 400,000 Retained earnings 86,000 886,000 Total shareholders equity Total liabilities and shareholders equity S1.512,000 1447,000 Revenues and gain: Sales Dividend revenue Gain on sale of equipment (see Note 2) $878,000 3,000 2,000 $883.000 Expenses Cost of goods sold Depreciation: 357,000 Plant and equipment $87.000 9,000 Patents Other operating expenses Interest expense Income taxes 96,000 247,000 13,000 76,000 789,000 S 94.000 Net income
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Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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