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Question 5 of 7 The comparative, unclassified statement of financial position for Sandhill Ltd. shows the following balances at December 31: -124 Sandhill Ltd. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 46,000 $0 Accounts receivable 18,000 31,000 Inventory 27.000 53,000 Land 94,000 109,000 Buildings 519.000 258,000 Accumulated depreciation-buildings (73,000 (100,000) Equipment 84,000 42,000 Accumulated depreciation-equipment (16,000) (9.000) earch o . 30C Mostly cloudy ^ D 5 of 7 Land 94,000 Buildings 109,000 519,000 Accumulated depreciation--buildings 258,000 (73,000) Equipment (100,000) 84,000 Accumulated depreciation-equipment 42,000 (16,000) Total assets (9,000) $699,000 Liabilities and Shareholders' Equity $384.000 Bank overdraft $0 Accounts payable $12,000 $ 41,000 Income tax payable $ 23,000 3,000 Interest payable 2,000 4,000 Dividends payable 5,000 3,000 1,000 Bank loan payable-current portion 31,000 16,000 arch o - YouTube ent-playet/index.html?launchid=323a292a-7-22-4d84-823e-dfdb09022806*/question/4 Gestion 10 Gidince Maps News Translate Hill and levene stu. Calculations (521) Question 5 of 7 Dividends payable Bank loan payable current portion 3,000 1,000 Bank loan payable-non-current portion 31,000 16,000 Common shares 374,000 210,000 194,000 Retained earnings 83,000 49,000 Total liabilities and shareholders' equity 32,000 $699,000 $384.000 Additional information regarding 2021: 1. Net income was $54,000. 2. Again of $7,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. Again on the disposal of $35,000 was recorded when an old building was sold for $53,000 cash. A new building wa purchased for $366,000 and depreciation expense on buildings for the year was $60,000. 4. Equipment costing $62,000 was purchased while a loss of $4,000 was recorded on equipment that was sold for $5 O 30C Mostly cloudy A Question 5 of 7 Additional information regarding 2021: -124 1. Net income was $54,000. 2. A gain of $7,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. Again on the disposal of $35,000 was recorded when an old building was sold for $53,000 cash. A new building was purchased for $366,000 and depreciation expense on buildings for the year was $60,000. 4. Equipment costing $62,000 was purchased while a loss of $4,000 was recorded on equipment that was sold equipment that was sold late in the year had accumulated depreciation of $11,000. $5,000. The 5. The company took out $209,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company. (a) Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) Tube Maps hida323a292a-7022-4d84-823e dfdb09022806/questic News Translate Hill and Levene stu... ulations (S21) Question 5 of 7 or in parenthesis eg(15,000)) SANDHILL LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2021 V Cash flows from operating activities Net income $ Adjustments to reconcile net income to 54,000 Net cash prov sed by operating activities Depreciation expense $ 78,000 Loss on disposal of land Gain on disposal of equipment o 30C Mostly clou Question 5 of 7 The comparative, unclassified statement of financial position for Sandhill Ltd. shows the following balances at December 31: -124 Sandhill Ltd. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 46,000 $0 Accounts receivable 18,000 31,000 Inventory 27.000 53,000 Land 94,000 109,000 Buildings 519.000 258,000 Accumulated depreciation-buildings (73,000 (100,000) Equipment 84,000 42,000 Accumulated depreciation-equipment (16,000) (9.000) earch o . 30C Mostly cloudy ^ D 5 of 7 Land 94,000 Buildings 109,000 519,000 Accumulated depreciation--buildings 258,000 (73,000) Equipment (100,000) 84,000 Accumulated depreciation-equipment 42,000 (16,000) Total assets (9,000) $699,000 Liabilities and Shareholders' Equity $384.000 Bank overdraft $0 Accounts payable $12,000 $ 41,000 Income tax payable $ 23,000 3,000 Interest payable 2,000 4,000 Dividends payable 5,000 3,000 1,000 Bank loan payable-current portion 31,000 16,000 arch o - YouTube ent-playet/index.html?launchid=323a292a-7-22-4d84-823e-dfdb09022806*/question/4 Gestion 10 Gidince Maps News Translate Hill and levene stu. Calculations (521) Question 5 of 7 Dividends payable Bank loan payable current portion 3,000 1,000 Bank loan payable-non-current portion 31,000 16,000 Common shares 374,000 210,000 194,000 Retained earnings 83,000 49,000 Total liabilities and shareholders' equity 32,000 $699,000 $384.000 Additional information regarding 2021: 1. Net income was $54,000. 2. Again of $7,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. Again on the disposal of $35,000 was recorded when an old building was sold for $53,000 cash. A new building wa purchased for $366,000 and depreciation expense on buildings for the year was $60,000. 4. Equipment costing $62,000 was purchased while a loss of $4,000 was recorded on equipment that was sold for $5 O 30C Mostly cloudy A Question 5 of 7 Additional information regarding 2021: -124 1. Net income was $54,000. 2. A gain of $7,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. Again on the disposal of $35,000 was recorded when an old building was sold for $53,000 cash. A new building was purchased for $366,000 and depreciation expense on buildings for the year was $60,000. 4. Equipment costing $62,000 was purchased while a loss of $4,000 was recorded on equipment that was sold equipment that was sold late in the year had accumulated depreciation of $11,000. $5,000. The 5. The company took out $209,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company. (a) Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) Tube Maps hida323a292a-7022-4d84-823e dfdb09022806/questic News Translate Hill and Levene stu... ulations (S21) Question 5 of 7 or in parenthesis eg(15,000)) SANDHILL LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2021 V Cash flows from operating activities Net income $ Adjustments to reconcile net income to 54,000 Net cash prov sed by operating activities Depreciation expense $ 78,000 Loss on disposal of land Gain on disposal of equipment o 30C Mostly clou