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please tell the answers of incorrect onces The statement of income and unclassified statement of financial position for Ivanhoe, Inc. follow: IVANHOE, INC. Statement of
please tell the answers of incorrect onces
The statement of income and unclassified statement of financial position for Ivanhoe, Inc. follow: IVANHOE, INC. Statement of Financial Position December 31 Assets 2021 2020 Cash $97.200 $48.000 Trading investments 122.000 115,000 Accounts receivable 79,500 42.500 Inventory 120,400 93,300 Estimated inventory returns 2.100 1,700 Prepaid expenses 18,100 27,000 Equipment 308,000 284,500 Accumulated depreciation (47,500) (52.200) Total assets $699,800 $559,800 Liabilities and Shareholders' Equity Accounts payable $98,500 $77.300 Property tax payable 10,000 6,400 Refund liability 1.200 900 89,000 130.600 Bank loan payable-current portion Bank loan payable-noncurrent portion 34,100 34,100 Common shares 220,000 185.000 Retained earnings 247.000 125,500 Total liabilities and shareholders' equity $699,800 $559,800 IVANHOE, INC. Statement of Income Year Ended December 31, 2021 Sales $550,300 Cost of goods sold 189.450 Gross profit 360,850 Operating expenses 116,460 Income from operations 244,390 Other income and expenses Unrealized gain on trading investments $7,000 Interest expense (4.750) 2.250 Income before income tax 246,640 Income tax expense 44,000 Net income $202,640 Additional information regarding 2021: 1 2 Prepaid expenses and property tax payable relate to operating expenses. New equipment costing $82,000 was purchased for $24,800 cash and a $57.200 long-term bank loan payable. Old equipment having an original cost of $58,500 was sold for $1,100. Accounts payable relate to inventory suppliers. Some of the bank loan was repaid during the year. 3. 4. 5. 6. A dividend was paid during the year. 7. Operating expenses include $46,700 of depreciation expense and a $6,000 loss on disposal of equipment 5. 6. 7. Some of the bank loan was repaid during the year. A dividend was paid during the year. Operating expenses include $46,700 of depreciation expense and a $6,000 loss on disposal of equipment Common shares were issued for $52,000 cash during the year and some common shares were bought back and retired at the cost they were originally issued at. 8. (a) Prepare the 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.s. (15,000).) IVANHOE, INC. Statement of Cash Flows Year Ended December 31, 2021 Cash flows from operating activities Net income 20260 Adjustments to reconcile net income to Net cash used by operating activities Depreciation expense 46700 Loss on disposal of equipment 6000 Unrealized gain on trading investments -2250 300 Increase in refund liability 37000 Increase in accounts receivable Increase in accounts receivable 37000 Increase in inventory -27100 Increase in estimated inventory returns -400 Decrease in prepaid expenses 8900 Increase in accounts payable 21200 ease in property taxes payable 3600 19950 Net cash provided by operating activities 222590 Cash flows from investing activities Purchase of equipment 82000 Net cash used by investing activities Cash flows from financing activities Payment of cash dividends $ Repayment of bank loan payable - 98800 Sale of common shares 52000 Purchase of equipment $ 82000 Net cash used by investing activities Cash flows from financing activities Payment of cash dividends $ Repayment of bank loan payable 98800 Sale of common shares 52000 Repurchase of common shares Net cash provided by financing activities III Cash January 1 Cash, December 31 Note X to the Statement of Cash Flows: During the year, the company purchased equipment costing $ 82000 by paying $24,800 cash and issuing a $57,200 bank loan payable
please tell the answers of incorrect onces
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