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hi! need help with thisThank you for your hardwork View Policies Current Attempt in Progress The comparative balance sheet for Blossom Adventures Ltd., a private
hi! need help with thisThank you for your hardwork
View Policies Current Attempt in Progress The comparative balance sheet for Blossom Adventures Ltd., a private company reporting under ASPE, follows: BLOSSOM ADVENTURES LTD. Balance Sheet December 31 Assets 2021 2020 Cash $ 14,190 $ 4,158 Accounts receivable 25,080 28,050 Inventory 52,800 56,760 Prepaid expenses 3,960 1,650 Land 16,500 24,750 Equipment 89.100 62.700 Accumulated depreciation (29,700) (13,200) Total assets $ 171,930 $164,868 Liabilities and Shareholders' Equity Accounts payable $ 14,190 $ 12,540 Dividends payable 2,475 1,650 Income taxes payable 825 1.980 Bonds payable 39,600 59,400 Common shares 68,310 55,110 Retained earnings 46,530 34,188 Total liabilities and shareholders' equity $ 171,930 $164,868 Additional information: 1. Profit for 2021 was $23,067. 2. Bonds payable of $ 19,800 were retired at maturity, 3. Common shares were issued for $ 13,200. $ 4. Land was sold at a loss of $3,300. 5. No equipment was sold during 2021. 6. Net sales for the year were $ 223,740. 7. Cost of goods sold for the year was $ 145,134. Operating expenses (not including depreciation expense) were $ 26,400. 8. 9. Interest expense was $ 1,650. 10. Income tax expense was $ 7,689. 13-54 DU 9. Interest expense was $ 1,650. 10 Income tax expense was $ 7,689. Prepare a cash flow statement using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000).) BLOSSOM ADVENTURES LTD. Cash Flow Statement-Direct Method Year Ended December 31, 2021 $ Question 3 of 4 -/4 $
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