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em A ( (airect method) Condensed financial data follow for Cullumber Ltd. E. Perform reports under ASPE. CULLUMBER LTD. Balance Sheet December 31 Assets 2017 2016 Cash $108,450 $46,700 Accounts receivable 76,800 43,400 Inventory 129,200 94,700 Prepaid expenses 38,700 27,900 Long-term investments 127,200 113,200 Property, plant, and equipment 271,900 244,300 Accumulated depreciation (53,800) (53,900) Total assets $698,450 $516,300 Liabilities and Shareholders' Equity Accounts payable $92,300 $79,800 Accrued expenses payable 11,200 7,800 Notes payable 110,700 146,300 Common shares 253,800 187,900 Retained earnings 230,450 94,500 Total liabilities and shareholders' equity $698,450 $516,300 CULLUMBER LTD. Income Statement Year Ended December 31, 2017 Sales $493,000 Cost of goods sold 182,700 Gross profit 310,300 Operating expenses $58,800 Depreciation expense 46,300 Loss on sale of equipment 8,760 113,860 Profit from operations 196,440 Other expenses Interest expense 3,960 M Do you S Woovit Accrued expenses payable 11,200 7,800 Notes payable 110,700 146,300 Common shares 253,800 187,900 Retained earnings 230,450 94,500 Total liabilities and shareholders' equity $698,450 $516,300 CULLUMBER LTD. Income Statement Year Ended December 31, 2017 Sales $493,000 Cost of goods sold 182,700 Gross profit 310,300 Operating expenses $58,800 Depreciation expense 46,300 Loss on sale of equipment 8,760 113,860 Profit from operations 196,440 Other expenses Interest expense 3,960 Profit before income tax 192,480 Income tax expense 43,900 Profit $148,580 Additional information: 1. New equipment costing $84,100 was purchased for $25,800 cash and a $53,300 note payable. 2. Equipment with an original cost of $56,500 was sold at a loss of $8,760. 3. Notes payable matured during the year and were repaid. 4. A long-term investment was acquired for cash. 5. Accounts payable relate only to merchandise creditors. 6. Accrued expenses payable and prepaid expenses relate to operating expenses. Prepare the operating section of the cash flow statement using the direct method. (Show amounts that decrease cash flow with either a sign .g. 15,000 (15,000).) CULLUMBER LTD. Cash Flow Statement (Partial)-Direct Method Is Weygandt, Accounting Principles, Seventh Canadian Edition, Volume 2 Help System Announcements 1. New equipment costing $54,100 was purchased for $25,800 cash and a $58,300 note payable 2. Equipment with an original cost of $56,500 was sold at a loss of $8,760. 3. Notes payable matured during the year and were repaid. 4. A long-term investment was acquired for cash. 5. Accounts payable relate only to merchandise creditors. 6. Accrued expenses payable and prepaid expenses relate to operating expenses. Prepare the operating section of the cash flow statement using the direct method. (Show amoun (15,000 that decrease cash flow with either a sign .g.-15,000 or in CULLUMBER LTD. Cash Flow Statement (Partial)-Direct Method LINK TO TEKT LINK TO TEXT
