10-Fin x Wiley Course Re X WileyPLUS: Fine x G E13.7 (LO 2,3,4 + 441%3Bynd stidref%3Dc133/4[c13-body-00011/2/50/4c13-exsec-0006/18{c13-ex-01081/6/2/2/2/... Homepage - Cours. G Authenticate with ... N Netflix Downloadable-Test (75) NHL 21 TEAM. 4 Statement of Financial Position December 31 2021 2020 Assets Cash $ 53,000 $ 22,000 Accounts receivable 80,000 76,000 Inventory 180,000 186,000 Estimated inventory returns 5,000 3,000 Long-term investments 70,000 100,000 Equipment 265,000 200.000 Accumulated depreciation (66,000) (30.000) Total assets $$87,000 $555.000 Liabilities and Shareholders' Equity Accounts payable $ 29,000 3 41,000 Refund liability 10,000 6,000 Bank loan payable (noncurrent) 150,000 200,000 Como shtes 199,000 1744.000 Retained earnings 199,000 134.000 Total liabilities and shareholder equity $$87,000 $35.000 3 6 100 Cloudy 400 ENG AM 2001-10:14 V ST 1220 - Finx Wiley Course Rex A WileyPLUS: Finex GE13.7 (LO 2,3,4 X + cf/6/441%3Bvndastadref%3Dc13]1/4[c13-body-00011/2/50/4[cf3-exsec-00061/181013-ex 01081/8/2/1339 Homepage - Coors. G Authenticate with S. N Netflix Downloadable-Test (75) NHL 21 TEAM... a AA Additional information pertaining to 2021: 1. Net income was $115,000. 2. Sales were 8978,000. 3. Cost of goods sold was $751,000. 4. Operating expenses were $43,000, exclusive of depreciation expense. 5. Depreciation expense was $34.000. 6. Interest expense was $14,000. 7. Income tax expense was $26,000. 8. Long-term investments were sold at a gain of S5,000. These investments are carried at their cost so gains and losses on these investments are recorded only when the investments are sold. 9. No equipment was sold during the year. 10. 550,000 of the bank loan was repaid during the year. 11. Common shares were issued for $25,000. Instructions Prepare a statement of cash flows using the indirect method. Prepare and evaluate atatentent of cash flows-indirect method. E13.8 (LO 2. 3. 4. 5) The comparative statement of financial position for Charmaine Retailers Ltd. follows: A 13 03 C 15 18 9 10'C Cloudy 60600 ENG 9:33 10-Fin x Wiley Course Re X WileyPLUS: Fine x G E13.7 (LO 2,3,4 + 441%3Bynd stidref%3Dc133/4[c13-body-00011/2/50/4c13-exsec-0006/18{c13-ex-01081/6/2/2/2/... Homepage - Cours. G Authenticate with ... N Netflix Downloadable-Test (75) NHL 21 TEAM. 4 Statement of Financial Position December 31 2021 2020 Assets Cash $ 53,000 $ 22,000 Accounts receivable 80,000 76,000 Inventory 180,000 186,000 Estimated inventory returns 5,000 3,000 Long-term investments 70,000 100,000 Equipment 265,000 200.000 Accumulated depreciation (66,000) (30.000) Total assets $$87,000 $555.000 Liabilities and Shareholders' Equity Accounts payable $ 29,000 3 41,000 Refund liability 10,000 6,000 Bank loan payable (noncurrent) 150,000 200,000 Como shtes 199,000 1744.000 Retained earnings 199,000 134.000 Total liabilities and shareholder equity $$87,000 $35.000 3 6 100 Cloudy 400 ENG AM 2001-10:14 V ST 1220 - Finx Wiley Course Rex A WileyPLUS: Finex GE13.7 (LO 2,3,4 X + cf/6/441%3Bvndastadref%3Dc13]1/4[c13-body-00011/2/50/4[cf3-exsec-00061/181013-ex 01081/8/2/1339 Homepage - Coors. G Authenticate with S. N Netflix Downloadable-Test (75) NHL 21 TEAM... a AA Additional information pertaining to 2021: 1. Net income was $115,000. 2. Sales were 8978,000. 3. Cost of goods sold was $751,000. 4. Operating expenses were $43,000, exclusive of depreciation expense. 5. Depreciation expense was $34.000. 6. Interest expense was $14,000. 7. Income tax expense was $26,000. 8. Long-term investments were sold at a gain of S5,000. These investments are carried at their cost so gains and losses on these investments are recorded only when the investments are sold. 9. No equipment was sold during the year. 10. 550,000 of the bank loan was repaid during the year. 11. Common shares were issued for $25,000. Instructions Prepare a statement of cash flows using the indirect method. Prepare and evaluate atatentent of cash flows-indirect method. E13.8 (LO 2. 3. 4. 5) The comparative statement of financial position for Charmaine Retailers Ltd. follows: A 13 03 C 15 18 9 10'C Cloudy 60600 ENG 9:33
