Current Attempt in Progress

Sheffield Corp.'s statement of financial position at the end of 2019 included the following items:

Current assets		$1,145,000			Current liabilities		$1,115,000
Land		30,900			Bonds payable		1,231,000
Buildings		1,320,000			Common shares		181,000
Equipment		331,000			Retained earnings		186,000
Accumulated depreciationbuildings		(144,000	)
Accumulated depreciationequipment		(11,800	)
Intangible assetspatents		41,900
Total		$2,713,000			Total		$2,713,000

The following information is available for the 2020 fiscal year:

1.		Net income was $405,000. Interest paid is classified as operating activities.
2.		Equipment (cost of $21,500 and accumulated depreciation of $8,080) was sold for $11,800.
3.		Depreciation expense was $4,060 on the building and $9,170 on equipment.
4.		Amortization expense on a patent was $3,020.
5.		Current assets other than cash increased by $30,000. Current liabilities increased by $16,000.
6.		An addition to a building was completed at a cost of $32,900.
7.		An FV-OCI investment in shares was purchased for $22,200 on the last day of the year. This was the first such investment made by Sheffield in its history.
8.		Bonds payable of $76,700 were issued at par.
9.		Cash dividends of $181,000 were declared and paid. Dividends paid are treated as financing activities.

Sheffield prepares financial statements in accordance with IFRS.

Prepare a statement of financial position (SFP) as at December 31, 2020. (Hint: You will need to adjust ("plug") the December 31, 2020 amount of current assets to ensure the SFP balances.) (List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Sheffield Corporation Statement of Financial Position choose the accounting period For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020
Assets
select a balance sheet item Current AssetsShareholders' EquityTotal LiabilitiesTotal Property, Plant, And EquipmentProperty, Plant, And EquipmentLong-Term LiabilitiesIntangible AssetsTotal Shareholders' EquityTotal Liabilities And Shareholders' EquityCurrent LiabilitiesTotal Assets						$enter a dollar amount
enter a balance sheet item						enter a dollar amount
select an opening name for subsection one Property, Plant, And EquipmentLong-Term LiabilitiesTotal Shareholders' EquityIntangible AssetsCurrent LiabilitiesTotal AssetsTotal Liabilities And Shareholders' EquityTotal LiabilitiesTotal Property, Plant, And EquipmentShareholders' EquityCurrent Assets
enter a balance sheet item				$enter a dollar amount
enter a balance sheet item		$enter a dollar amount
select between addition and deduction AddLess: enter a balance sheet item		enter a dollar amount		enter a subtotal of the two previous amounts
enter a balance sheet item		enter a dollar amount
select between addition and deduction AddLess: enter a balance sheet item		enter a dollar amount		enter a subtotal of the two previous amounts
select a closing name for subsection one Total Property, Plant, And EquipmentTotal AssetsCurrent LiabilitiesTotal LiabilitiesTotal Liabilities And Shareholders' EquityIntangible AssetsShareholders' EquityCurrent AssetsProperty, Plant, And EquipmentLong-Term LiabilitiesTotal Shareholders' Equity						enter a total amount for subsection one
select an opening name for subsection two Total Property, Plant, And EquipmentCurrent LiabilitiesCurrent AssetsLong-Term LiabilitiesProperty, Plant, And EquipmentShareholders' EquityIntangible AssetsTotal LiabilitiesTotal Liabilities And Shareholders' EquityTotal AssetsTotal Shareholders' Equity
enter a balance sheet item						enter a dollar amount
select a closing section name for this part of the statement of financial position Total Property, Plant, And EquipmentIntangible AssetsTotal Liabilities And Shareholders' EquityCurrent LiabilitiesLong-Term LiabilitiesCurrent AssetsProperty, Plant, And EquipmentTotal Shareholders' EquityTotal AssetsTotal LiabilitiesShareholders' Equity						$enter a total amount for this part of the statement of financial position
Liabilities and Shareholders' Equity
select a balance sheet item Shareholders' EquityTotal LiabilitiesTotal Property, Plant, And EquipmentCurrent LiabilitiesIntangible AssetsProperty, Plant, And EquipmentTotal AssetsLong-Term LiabilitiesTotal Shareholders' EquityTotal Liabilities And Shareholders' EquityCurrent Assets						$enter a dollar amount
select an opening subsection name Current AssetsProperty, Plant, And EquipmentCurrent LiabilitiesLong-Term LiabilitiesTotal LiabilitiesTotal Liabilities And Shareholders' EquityShareholders' EquityTotal Property, Plant, And EquipmentTotal AssetsTotal Shareholders' EquityIntangible Assets
enter a balance sheet item						enter a dollar amount
select a closing name for section one Total AssetsShareholders' EquityTotal LiabilitiesIntangible AssetsTotal Liabilities And Shareholders' EquityTotal Shareholders' EquityCurrent LiabilitiesLong-Term LiabilitiesProperty, Plant, And EquipmentTotal Property, Plant, And EquipmentCurrent Assets						enter a total amount for this section of the statement of financial position
select an opening name for section two Intangible AssetsTotal Shareholders' EquityTotal AssetsTotal Liabilities And Shareholders' EquityCurrent LiabilitiesTotal LiabilitiesLong-Term LiabilitiesCurrent AssetsProperty, Plant, And EquipmentShareholders' EquityTotal Property, Plant, And Equipment
enter a balance sheet item				$enter a dollar amount
enter a balance sheet item				enter a dollar amount
select a closing name for section two Current LiabilitiesIntangible AssetsTotal Liabilities And Shareholders' EquityLong-Term LiabilitiesProperty, Plant, And EquipmentTotal LiabilitiesShareholders' EquityTotal Property, Plant, And EquipmentTotal AssetsCurrent AssetsTotal Shareholders' Equity						enter a total of the two previous amounts
select a closing name for this part of the statement of financial position Long-Term LiabilitiesTotal Shareholders' EquityShareholders' EquityTotal Liabilities And Shareholders' EquityTotal LiabilitiesTotal Property, Plant, And EquipmentCurrent AssetsIntangible AssetsCurrent LiabilitiesProperty, Plant, And EquipmentTotal Assets						$enter a total amount for this part of the statement of financial position

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Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Sheffield Corporation Statement of Cash Flows choose the accounting period For the Month Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020
select an opening name for section one Cash at End of yearNet Cash Used by Investing ActivitiesNet Cash Provided by Investing ActivitiesCash Flows from Financing ActivitiesNet Cash Provided by Operating ActivitiesNet Increase in CashCash at Beginning of YearNet Decrease in CashNet Cash Provided by Financing ActivitiesNet Cash Used by Operating ActivitiesCash Flows from Operating ActivitiesCash Flows from Investing ActivitiesNet Cash Used by Financing Activities
select an item Patent Amortization ExpenseIncrease in Current LiabilitiesDepreciation ExpenseDecrease in Current LiabilitiesPayment of DividendsProceeds from Disposal of EquipmentPurchase of FV- OCI InvestmentsIssuance of BondsAddition to BuildingNet Income / (Loss)Increase in Current Assets (Other than Cash)Decrease in Current Assets (Other than Cash)Loss on Disposal of Equipment				$enter a dollar amount
Adjustments to reconcile net income to net cash provided by operating activities:
select an item Loss on Disposal of EquipmentNet Income / (Loss)Addition to BuildingGain on Disposal of EquipmentPurchase of FV- OCI InvestmentsIncrease in Current Assets (Other than Cash)Proceeds from Disposal of EquipmentDecrease in Current LiabilitiesIncrease in Current LiabilitiesPayment of DividendsPatent Amortization ExpenseIssuance of BondsDecrease in Current Assets (Other than Cash)Depreciation Expense		$enter a dollar amount
select an item Decrease in Current LiabilitiesGain on Disposal of EquipmentDecrease in Current Assets (Other than Cash)Payment of DividendsIncrease in Current LiabilitiesLoss on Disposal of EquipmentNet Income / (Loss)Depreciation ExpensePurchase of FV- OCI InvestmentsIssuance of BondsProceeds from Disposal of EquipmentAddition to BuildingIncrease in Current Assets (Other than Cash)Patent Amortization Expense		enter a dollar amount
select an item Payment of DividendsProceeds from Disposal of EquipmentNet Income / (Loss)Purchase of FV- OCI InvestmentsIncrease in Current LiabilitiesLoss on Disposal of EquipmentDecrease in Current Assets (Other than Cash)Decrease in Current LiabilitiesGain on Disposal of EquipmentAddition to BuildingDepreciation ExpenseIssuance of BondsIncrease in Current Assets (Other than Cash)Patent Amortization Expense		enter a dollar amount
select an item Issuance of BondsDecrease in Current Assets (Other than Cash)Addition to BuildingIncrease in Current LiabilitiesDepreciation ExpensePurchase of FV- OCI InvestmentsDecrease in Current LiabilitiesPayment of DividendsLoss on Disposal of EquipmentProceeds from Disposal of EquipmentPatent Amortization ExpenseGain on Disposal of EquipmentNet Income / (Loss)Increase in Current Assets (Other than Cash)		enter a dollar amount
select an item Decrease in Current Assets (Other than Cash)Addition to BuildingProceeds from Disposal of EquipmentLoss on Disposal of EquipmentPatent Amortization ExpenseIssuance of BondsPayment of DividendsIncrease in Current Assets (Other than Cash)Gain on Disposal of EquipmentIncrease in Current LiabilitiesPurchase of FV- OCI InvestmentsNet Income / (Loss)Decrease in Current LiabilitiesDepreciation Expense		enter a dollar amount
				enter a total amount of the adjustments
select a closing name for section one Cash Flows from Operating ActivitiesNet Increase in CashNet Cash Used by Financing ActivitiesNet Cash Provided by Operating ActivitiesCash Flows from Investing ActivitiesNet Cash Provided by Investing ActivitiesCash at End of yearNet Cash Provided by Financing ActivitiesNet Cash Used by Operating ActivitiesCash Flows from Financing ActivitiesNet Cash Used by Investing ActivitiesNet Decrease in CashCash at Beginning of Year				enter a total amount for section one
select an opening name for section two Net Cash Used by Financing ActivitiesCash Flows from Investing ActivitiesNet Cash Used by Investing ActivitiesCash Flows from Operating ActivitiesCash at End of yearNet Decrease in CashNet Increase in CashNet Cash Provided by Financing ActivitiesCash at Beginning of YearNet Cash Used by Operating ActivitiesCash Flows from Financing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Provided by Investing Activities
select an item Payment of DividendsProceeds from Disposal of EquipmentIncrease in Current Assets (Other than Cash)Increase in Current LiabilitiesPatent Amortization ExpenseDepreciation ExpenseAddition to BuildingDecrease in Current LiabilitiesPurchase of FV- OCI InvestmentsGain on Disposal of EquipmentLoss on Disposal of EquipmentIssuance of BondsDecrease in Current Assets (Other than Cash)Net Income / (Loss)		enter a dollar amount
select an item Patent Amortization ExpenseIncrease in Current Assets (Other than Cash)Decrease in Current LiabilitiesNet Income / (Loss)Payment of DividendsPurchase of FV- OCI InvestmentsDepreciation ExpenseProceeds from Disposal of EquipmentIssuance of BondsGain on Disposal of EquipmentAddition to BuildingLoss on Disposal of EquipmentDecrease in Current Assets (Other than Cash)Increase in Current Liabilities		enter a dollar amount
select an item Addition to BuildingPurchase of FV- OCI InvestmentsProceeds from Disposal of EquipmentDepreciation ExpenseIssuance of BondsPatent Amortization ExpenseGain on Disposal of EquipmentPayment of DividendsLoss on Disposal of EquipmentIncrease in Current LiabilitiesDecrease in Current Assets (Other than Cash)Decrease in Current LiabilitiesNet Income / (Loss)Increase in Current Assets (Other than Cash)		enter a dollar amount
select a closing name for section two Cash at Beginning of YearNet Increase in CashCash Flows from Financing ActivitiesNet Decrease in CashNet Cash Used by Financing ActivitiesCash at End of yearNet Cash Provided by Operating ActivitiesCash Flows from Investing ActivitiesNet Cash Used by Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Used by Operating Activities				enter a total amount for section two
select an opening name for section three Net Cash Provided by Financing ActivitiesCash Flows from Investing ActivitiesNet Increase in CashNet Cash Used by Financing ActivitiesCash at End of yearNet Cash Used by Investing ActivitiesCash at Beginning of YearNet Decrease in CashCash Flows from Operating ActivitiesNet Cash Provided by Operating ActivitiesCash Flows from Financing ActivitiesNet Cash Used by Operating ActivitiesNet Cash Provided by Investing Activities
select an item Addition to BuildingProceeds from Disposal of EquipmentDepreciation ExpensePatent Amortization ExpenseLoss on Disposal of EquipmentGain on Disposal of EquipmentIncrease in Current LiabilitiesDecrease in Current Assets (Other than Cash)Purchase of FV- OCI InvestmentsPayment of DividendsIncrease in Current Assets (Other than Cash)Issuance of BondsNet Income / (Loss)Decrease in Current Liabilities		enter a dollar amount
select an item Proceeds from Disposal of EquipmentIncrease in Current Assets (Other than Cash)Purchase of FV- OCI InvestmentsIssuance of BondsDepreciation ExpenseAddition to BuildingPayment of DividendsDecrease in Current LiabilitiesGain on Disposal of EquipmentLoss on Disposal of EquipmentDecrease in Current Assets (Other than Cash)Increase in Current LiabilitiesNet Income / (Loss)Patent Amortization Expense		enter a dollar amount
select a closing name for section three Net Increase in CashNet Cash Provided by Investing ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Operating ActivitiesCash at Beginning of YearCash Flows from Operating ActivitiesCash Flows from Investing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Financing ActivitiesCash Flows from Financing ActivitiesCash at End of yearNet Decrease in CashNet Cash Used by Operating Activities				enter a total amount for section three
select an item Net Decrease in CashNet Cash Provided by Investing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Provided by Financing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Operating ActivitiesCash at Beginning of YearNet Increase in CashCash at End of yearCash Flows from Investing ActivitiesCash Flows from Financing ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Operating Activities				$enter a total amount for three sections

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List of Accounts