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Please solve for the missing values in the statement of financial position, thank you. Please show all steps to get to the answers. Part D
Please solve for the missing values in the statement of financial position, thank you. Please show all steps to get to the answers.
Part D (22 marks) Condensed financial data of Primavera Corporation appear below. The company uses the indiredt method to prepare the operating activities section of its statement of cash flows PRIMAVERA CORPORATION Comparative Statements of Financial Position December 31 ssets 2015 2014 $ 18,000 32,000 70,000 2,500 Property, plant, and equipment... Accumulated depreciation.... 224,000 (50,000) 10,000 200,000 40,000 Liabilities and Shareholders' Equit Accounts payable $ 34,000 12,000 100,000 75,000 130,000 50,000 136 $364000 PRIMAVERA CORPORATION Income Statement Year Ended December 31, 2015 $500,000 Expenses Depreciation expense Loss on sale of property, plant, and equipment.... 9,000 4,000 408,000 92,000 17.000 PRIMAVERA CORPORATION Statement of Cash Flows Year Ended December 31, 2015 Operating activities ....$75,000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable (16,500) (500) 4,000 Decrease in accrued expenses Net cash provided by operating activities................................... Investing activities (5,000) Net cash used by investing activities Financing activities Issue of notes payable Net cash used by financing activities.................................... ....16,000 18,000 Additional information: 1. New property, plant, and equipment costing $33,000 was purchased for cash in 2015. 2. Old property, plant, and equipment costing $9,000 was scrapped when the carrying amount 3. 4. was $4,000. A cash dividend of $10,000 was declared and paid during the year. Accounts payable pertain to merchandise purchases Instructions 1. Solve for the missing amounts (note the letter O is not used). Place your answers in the table supplied for you on the next page. (20 marks)Step by Step Solution
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