McCoy Ltd.

Statement of Cash Flows

Below is the comparative balance sheet and statement of comprehensive income for McCoy Ltd., a company that reports under IFRS:

McCoy Ltd. Balance Sheet as at December 31 2020 2019 Assets Cash 5 29,000 5 71,000 Accounts receivable 57,000 48,000 Inventory 82,000 94,000 Prepaid expenses 6,000 7,000 Investment (FV-NI) 72,000 60,000 Long-term investment in associate 92,000 76,000 Investment in land 111,000 90,000 Equipment 91,000 72,000 Accumulated depreciation Equipment (17,000) (19,000) Trademark (net) 18,000 0 TOTAL ASSETS S 541,000 5 499,000 Liabilities and Shareholders' Equity Accounts payable 5 33,000 5 15,000 Unearned revenues 17,200 3,800 Salaries payable 44,800 35,000 Interest payable 1,200 3,000 Income tax payable 7,000 4,200 Dividends payable 2,000 8,000 Bonds payable 100,000 80,000 Common shares 47,000 25,000 Retained Earnings 267,800 325,000 Accumulated other comprehensive income 21,000 0 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY S 541,000 S 499,000 McCoy Ltd. Statement of Comprehensive Income For the Year Ended December 31, 2020 Revenue Cost of goods Sold Gross Profit Expenses Depreciation expense Amortization expense Salaries expense Interest expense Administrative expenses Other revenues (expenses) Equity income from investment in associate Loss on sale of equipment Loss on sale of FV-NI investments Income before taxes Income tax expense Net income Other comprehensive income Unrealized gain on land investment Total comprehensive income 3,000 2,000 366,220 9,000 155,800 61,250 (4,000) (3,500) 975,800 341,530 634,270 541,020 53,750 147,000 27,000 120,000 21,000 141,000