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could i get help with all ;-; i really dont understand how to do these Selected transactions of Rudiment Inc., a public corporation, reporting under
could i get help with all ;-; i really dont understand how to do these
Selected transactions of Rudiment Inc., a public corporation, reporting under IFRS, are listed below: 1. Furniture was sold for cash. 2. Inventory purchased for cash. 3. Bond investment receivable was collected. 4. Equipment was acquired by signing a 5-year lease agreement. 5. Dividends were paid in cash. 6. Issued 10,000 common shares to acquire land. 7. Accounts payable were paid. 8. Paid one-year of insurance in advance. 9. Repaid a portion of the company's long-term mortgage payable. 10. Collected accounts receivable. Instructions Classify each transaction as either a) an operating activity, b) an investing activity, c) a financing activity, or d) a noncash investing and financing activity. Assuming a cash flow statement is prepared using the indirect method, indicate the reporting of the transactions and events listed below by major categories on the statement. Use the following code letters to indicate the appropriate category under which the item would appear on the cash flow statement. Code Cash flows from operating activities A Add to profit D Deduct from profit Cash flows from investing activities FA Cash flows from financing activities Category 1. Common shares are issued for cash. 2. Merchandise inventory increased during the period. 3. Depreciation expense recorded for the period. 4. Building was purchased for cash. 5. Bonds payable were acquired and retired at their carrying value. 6. Accounts payable decreased during the period. 7. Prepaid expenses decreased during the period. Investment in common shares of another company were acquired for 8. cash. 9. Land is sold for cash at an amount equal to carrying amount. 10. Loss on sale of equipment was recorded on the income statement. Busy Beavers Inc. reported retained earnings of $463,600 at June 30, 2022, its most recent year end. On July 1, 2021, the opening retained earnings had been $475,000. During the year ended June 30, 2022, Busy Beavers declared stock dividends on common shares and cash dividends on preferred shares. The stock dividends resulted in a reduction of retained earnings of $200,000. Profit for the year was $225,000 and total comprehensive income was $248,500. Instructions Calculate the amount of cash dividends on the preferred shares. Rock Support Inc's current assets and liabilities at December 31, 2021 are as follows: 2021 2020 Accounts payable $18,400 $11,500 Accounts receivable 8,500 12,000 Cash 39,200 21,400 Interest payable 220 1,250 Inventory 10,200 18,000 Prepaid expenses 400 500 Salaries payable 2,200 4,100 Taxes payable 1,150 910 Rock Support had profit of $68,000 in 2021. Included in the calculation of profit is depreciation of building and equipment in the amount of $22,500. Instructions Prepare the operating section of Rock Support's cash flow statement for the year ended December 31, 2021, using the indirect method. Fly Incorporated reported profit of $250,000 for the current year. Depreciation recorded on buildings and equipment amounted to $80,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $20,000 $15,000 Accounts receivable 19,000 32,000 Inventories 50,000 65,000 Prepaid expenses 7,500 5,000 Accounts payable 12,000 18,000 Income taxes payable 1,600 1,200 Instructions Prepare the operating activities section of the cash flow statement, using the indirect methodStep by Step Solution
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