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Comparative statements of financial position for Burgundy Bay Ltd. are shown below: Burgandy adheres to ASPE. BURGUNDY BAY LTD. Statements of Financial Position December 31
| Comparative statements of financial position for Burgundy Bay Ltd. are shown below: Burgandy adheres to ASPE. | ||||||
| BURGUNDY BAY LTD. | ||||||
| Statements of Financial Position | ||||||
| December 31 | ||||||
| 2023 | 2,022 | |||||
| Cash | $30,900 | $10,200 | ||||
| Accounts receivable (net) | $48,300 | $20,300 | ||||
| Inventory | $35,000 | $42,000 | ||||
| Long-term investments | $0 | $15,000 | ||||
| Property, plant & equipment | $236,500 | $150,000 | ||||
| Accumulated depreciation | -$37,700 | -$25,000 | ||||
| Total Assets | $313,000 | $212,500 | ||||
| Accounts payable | $19,000 | $26,500 | ||||
| Accrued liabilities | $19,000 | $17,000 | ||||
| Long-term notes payable | $70,000 | $50,000 | ||||
| Common shares | $130,000 | $90,000 | ||||
| Retained earnings | $75,000 | $29,000 | ||||
| Total Liabilities & Shareholders Equity | $313,000 | $212,500 | ||||
| Additional information concerning transactions and events during 2023: | ||||||
| 1 | Net income was $80,000. | |||||
| 2 | Sold the long-term investments for $28,000. | |||||
| 3 | Paid cash dividends of $34,000. | |||||
| 4 | Purchased machinery costing $26,500, paid cash. | |||||
| 5 | Purchased machinery by signing a $60,000 long-term note payable. | |||||
| 6 | Extinguished a $40,000 long-term note payable by issuing common shares. | |||||
| Instructions | ||||||
| Prepare a statement of cash flows (indirect method) for calendar 2023 for Burgundy Bay Ltd. |
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