Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer. Course name: Advance Financial Accounting BAHEX Limited's year end is December 31. See the following information: BAHEX Limited Consolidated Statement of Financial Position
Please answer.
BAHEX Limited's year end is December 31. See the following information: BAHEX Limited Consolidated Statement of Financial Position as at December 31 Non-Current Assets 2021 2020 Land 122 850 35 000 Equipment 353 150 327 950 Current Assets Cash 47 950 54 600 Accounts receivables 145 250 150 850 Interest receivables 2100 3 150 Inventories 130 050 114 650 Investments 205 950 207 700 1 007 300 893 900 Current Liabilities Accounts payables Salary payable 57 400 62 650 29 400 28 350 Other accrued liabilities 85 400 78 750 Long-Term Liabilities Mortgages 141 350 225 550 Stockholders' Equity Preferred stock 250 000 200 000 Common stock 260 000 230 000 Retained earnings 183 750 68 600 1 007 300 893 900 Consolidated income statement for the period is as follows: BAHEX Limited Consolidated Income Statement for Year Ended 2021 December 31 Sales Revenue 1 533 000 Cost of Sales 718 200 Gross Profit 814 800 Expenses: Salary Expenses 267 400 53 550 Depreciation Expense - Equipment Other Operating Expenses 173 950 494 900 Operating Income 319 900 Other Revenue and Expenses: Gain on Sale of Land 4 000 Interest Expense (86 100) Interest Revenue 40 950 (41 150) Income before Tax 278 750 59 150 Income Tax Expense Net Income 219 600 Additional Information: i. BAHEX paid dividends of $104 450. ii. A parcel of land was sold for $34 000, the book value of which was $30 000. iii. The corporation issued both preferred and common stock during the year. Required: The Consolidated Statement of Cash Flows of BAHEX Limited for year ended 2021 December 31. NB Notes are required where appropriate. (20 marks) Course name: Advance Financial Accounting
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started