Question
Ivanhoe Inc. is a private company reporting under ASPE. The following selected account balances were reported in Ivanhoe Inc.s financial statements at year end: 2021
Ivanhoe Inc. is a private company reporting under ASPE. The following selected account balances were reported in Ivanhoe Inc.s financial statements at year end:
2021 | 2020 | |||
Cash | $ 18,225 | $ 8,150 | ||
Buildings | 829,500 | 728,000 | ||
Equipment | 390,000 | 339,400 | ||
Land | 88,000 | 47,250 | ||
Accumulated depreciationbuildings | 301,500 | 284,750 | ||
Accumulated depreciationequipment | 118,000 | 88,250 | ||
Dividends payable | 5,900 | 2,350 | ||
Mortgage payable | 542,200 | 582,200 | ||
Notes payable | 336,500 | 305,500 | ||
Common shares: 5,330 shares in 2021; 3,930 in 2020 | 535,500 | 406,500 | ||
Retained earnings | 194,000 | 95,000 | ||
Cash dividends declared | 21,500 | 7,200 | ||
Depreciation expensebuildings | 22,750 | 39,650 | ||
Depreciation expenseequipment | 47,155 | 25,300 | ||
Gain on sale of equipment | 830 | 0 | ||
Loss on sale of building | 8,100 | 0 | ||
Interest expense | 47,550 | 43,450 |
Additional information: | ||
1. | Purchased $71,500 of equipment for $8,600 cash and a note payable for the remainder. | |
2. | Equipment was also sold during the year. | |
3. | Sold a building that originally cost $46,500. | |
4. | Used cash to purchase land and a building. | |
5. | Mortgage payments and notes payable payments included interest and principal amounts. | |
6. | Common shares were issued for cash. |
1 Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ?
2 What was the amount of profit reported by Ivanhoe Inc. in 2021? ?
3 Determine the amount of any cash inflows or outflows related to financing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
4 Identify and determine the amount of any noncash financing activities in 2021.?
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