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please solve it and try to solve in excel Change 9 ASSETS 2020 2019 10 Cash $ Accounts Receivable (net) 5.000 11 5 8.200 28,300
please solve it and try to solve in excel
Change 9 ASSETS 2020 2019 10 Cash $ Accounts Receivable (net) 5.000 11 5 8.200 28,300 12 Inventory 25.600 45,800 13 Prepaid expenses 47,300 7,500 14 FV-NI Investments 8.200 43,700 38.000 15 Land 389,000 264,000 16 Equipment 632,000 488,000 17 Accumulated depreciation - equipment (303,400) (250,700) 18 Patent 35,000 19 TOTAL ASSETS $ 882.900 628,600 20 21 LIABILITIES AND SHAREHOLDER'S EQUITY 22 Accounts payable $ 18,800 15,600 23 Dividends payable 12,500 8,500 24 Long-term notes payable 125,000 25 Deferred tax liability 5,820 7,200 26 Bank loan 50,000 27 TOTAL LIABILITIES $ 212,120 $ 31,300 28 SHAREHOLDER'S EQUITY 29 Common Shares $ 282,000 $ 265,000 30 Retained Earnings 388,780 332,300 31 TOTAL SHAREHOLDERS' EQUITY $ 670,780 $ 597,300 32 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 882,900 $ 628,600 33 34 Other information for 2020: (1). Tulip prepares its accounting records in accordance with IFRS and has adopted the policy of classifying dividends paid as financing activities and dividends received as investing activities. 35 36 37 (2). Net income for the year ended December 31, 2020 was $68,980. 38 39 (3). Land was purchased by issuing a long-term note for $125,000. 40 (4). The change in the FV-NI investments is from the change in the market value of the securities for the fiscal year 2020. There were no purchases or sales of these securities during the 2020 fiscal year. 41 42 43 (5). Cash dividends were declared and paid in 2020. 44 45 (6). Tulip purchased a new patent with an indefinite useful life (not amortized). (7). New equipment was purchased in cash during 2020. In addition, equipment with an original cost of $48,000 and net book value of $12,000 was sold during the year at a gain of $3,000. 47 48 Tulip Co. Statement of Cash Flows Non-cosh adjustments A Couor Shoot n2 3 PART A Step by Step Solution
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