balance sheet and cash flows preparered under IFRS

Assignment #1: Balance Sheet. Statement of Cash Flows. and Disclosures Due: Sunday, Week 4 Points: 90 I. Ficus Inc. had the following balance sheet at December 31, 2016. FICUS INC. Balance Sheet December 31, 2016 Cash Accounts receivable Investments Plant assets (net) Land 31,000 56,800 86,000 138,500 66,000 378,300 Accounts payable Notes payable (Ion Common stock Retained earnin s -term) 61,000 76,000 200,000 41,300 378,300 During 2017, the following occurred. l. Ficus liquidated its available-for-sale investment portfolio at a gain of $15,000. 2. A tract of land was purchased for $61 ,OOO cash. 3. An additional $15,200 in common stock was issued at par. 4. Dividends totaling $41 ,OOO were declared and paid to stockholders. 5. Net income for 2017 was $46,000, including $8,000 in depreciation expense. 6. Land was purchased through the issuance of $195,000 in additional notes payable. 7. At December 3 1, 2017, Cash was $68,000, Accounts Receivable was $84,000, and Accounts Payable was $72,000. Instructions: (a) Prepare a statement of cash flows for the year 2017 for Ficus. (b) Prepare the balance sheet as it would appear at December 3 1 , 2017. (c) Compute Ficus' free cash flow and the current cash debt coverage ratio for 2017. (d) Use the analysis of Ficus to illustrate how information in the balance sheet and statement of cash flows helps the user of the financial statements. (e) Briefly explain what would be different if the Balance Sheet and Statement of Cash Flows were prepared under IFRS.