Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve!!!!!! Question 4 Presented below are the financial statements of Cullumber Company Ltd. CULLUMBER COMPANY LTD. Comparative Statements of Financial Position December 31 Assets

image text in transcribedplease solve!!!!!!
image text in transcribed
image text in transcribed
image text in transcribed
Question 4 Presented below are the financial statements of Cullumber Company Ltd. CULLUMBER COMPANY LTD. Comparative Statements of Financial Position December 31 Assets 2017 Equipment 59,860 Accumulated depreciation-equipment (29,370) Inventory 30,570 Accounts receivable 32,430 Cash 37,310 Total 130,800 2016 77,670 (23,450 ) 20,250 18,800 19,100 112,370 Equity and Liabilities Share capital-ordinary Retained earnings Bonds payable Accounts payable Income taxes payable Total 18,300 49,660 27,260 28,500 7,080 130,800 14,510 39,590 33,340 16,570 8,360 112,370 CULLUMBER COMPANY LTD. Income Statement For the Year Ended December 31, 2017 Sales revenue 242,320 CALCULATOR PRINTER VERSION BACK NEXT CULLUMBER COMPANY LTD. Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income 242,320 176,010 66,310 23,950 42,360 2,160 40,200 8,100 E32,100 Additional data: 1. Depreciation expense is 13,950. 2. Dividends declared and paid were 22,030. 3. During the year, equipment was sold for 9,780 cash. This equipment cost 17,810 originally and had accumulated depreciation of 8,030 at the time of sale. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULLUMBER COMPANY LTD. Partial Statement of Cash Flows iry 1 2000-2020 lohn Wiley & Sons, Inc. All Rinis Reserved. A VISION of Inn W Anns. Inc. Version 4.24.20.1 CULLUMBER COMPANY LTD. Partial Statement of Cash Flows Adjustments to reconcile net income to cy Policy | 2000-2020 John Wiley & Sons, Inc. All Rianis Reserved. A DIVISION on onn wie sons, Inc. CALCULATOR PRINTER VERSION

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Analysis And Decision Making

Authors: David E. Vance

1st Edition

0071406654, 9780071406659

More Books

Students also viewed these Accounting questions

Question

1. Maintain my own perspective and my opinions

Answered: 1 week ago