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i want to know the answer, which i make mistake. please reply as soon as soon The comparative statement of financial position for Ivanhoe Retailers
i want to know the answer, which i make mistake. please reply as soon as soon The comparative statement of financial position for Ivanhoe Retailers Ltd. follows: IVANHOE RETAILERS LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 0 $ 23,000 Accounts receivable 70,000 47,000 Inventory 224,000 171,000 Furniture 136,000 166,000 Accumulated depreciation (32,000 ) (43,000) Total assets $ 398,000 $364,000 Liabilities and Shareholders' Equity Bank overdraft $ 6,000 $ 0 68,000 46,000 Accounts payable Bank loan payable (noncurrent) 89,000 102,000 Common shares 49,000 59,000 Retained earnings 186,000 157,000 Total liabilities and shareholders' equity $398,000 $364,000 Additional information: 1. Net income was $34,000 in 2018. 2. Depreciation expense was $15,000 in 2018. 3. In 2018, no new bank loans were received. 4. In 2018, no furniture was purchased, but some furniture was sold for $8,000, which resulted in a gain on this disposal of $4,000. 5. No common shares were issued during the year but some were reacquired at the cost at which they were originally issued. rmation: 1. Net income was $34,000 in 2018. 2. Depreciation expense was $15,000 in 2018. 3. In 2018, no new bank loans were received. 4. In 2018, no furniture was purchased, but some furniture was sold for $8,000, which resulted in a gain on this disposal of $4,000. 5. No common shares were issued during the year but some were reacquired at the cost at which they were originally issued. 6. In 2018, dividends were declared and paid. Prepare a statement of cash flows using the indirect method for 2018. (Show amounts that decrease cash flow with elthera - sign eg. -15,000 or in parenthesis e.g. (15,000).) IVANHOE RETAILERS LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2018 Cash flows from operating activities Net income 34000 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense V 15000 Gain on disposal of furniture -4000 Increase in accounts receivable -23000 Increase in accounts receivable -23000 Increase in inventory -53000 Increase in accounts payable 22000 -43000 Net cash used by operating activities -9000 Cash flows from investing activities Proceeds from disposal of furniture $ V 8000 Net cash provided by investing activities 8000 Cash flows from financing activities Cash flows from financing activities Repurchase of common shares $ -10000 Issue of common shares 6000 Repayment of bank loan - 13000 Net cash used by financing activities - 17000 Net decrease in cash -17000 Cash, January 1 17000 Bank overdraft, December 31 0
i want to know the answer, which i make mistake. please reply as soon as soon
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