prepare in good form a statement of cash flow for the year ended december 31,2021. axe resource mangement ltd uses the indirect method.
Asset Cash Term deposit Accounts Receivable Prepaid Insurance Land Equipment at cost Accumulated Depreciation Accounts Payable Dividend Payable Current portion of long term debt Bonds Payable Common Shares Retained Earnings 2021 2020 Assets $ 22,000 25,000 73,000 13,000 18,000 70,000 (20,000) 201,000 $ 30,000 16,000 60,000 17,000 40,000 60,000 (13,000) 210,000 11,000 18,000 8.000 13,000 140,000 11,000 201,000 6,000 15,000 5,000 14,000 115,000 55,000 210,000 Additional information for 2021: 1. Net loss for 2021 is $30,000 2. In the current year, Axe Resource Management Lte This was the only land transaction during the year. 3. Equipment with a cost of $15,000 and accumulatec cash. 4. $12,000 of bonds were retired during the year at the payable were issued for cash. 5. Equipment was acquired for common shares. The f was $15,000. Some additional common shares we 6. The term deposit matures February 15, 2022. 7. Dividends on common shares were declared and pa a contract and commenced construction on a ntract price was $88.3 million and was expected cost of $81.0 million. Payment by the customer icant events and dates throughout the control over the Head Office building and was the construction process. Hawklee's year-end is letion method of accounting. urred $20,250,000 in costs and had invoiced S progress billings had been collected. QUESTIONS MINUTOS You have been provided with the follow December 31, 2011 of Financial Position for Asesore Manage Are Resource Management Informational Position 2021 $ 22,000 Term deposit Accounts Receivable 73.000 Prepaid in 13.000 Land Equipmental com Accumulated Depreciation 201.00 30,000 16.000 17.000 40.000 60,000 6.000 15.000 3.000 Accounts Payable Dividend Payable Current portion of long term det Bonds Payable Common Shares Reine Earnings 11.000 18.000 000 13.000 140,000 . 115.000 1.00 Additional information for 2013 1. Net loss for 2021 is $30.000 2. In the current year, Axe Resource Management sold for cash resulting in a loss of 56.000 This was the only and transaction during the year 3. Equipment with a cost of $15.000 and med depreciation of 35.000 was sold for 515.000 4512.000 of bonds were retired during the year the carrying amount. In addition, som de pable were issued for cash 5. Equipment was acquired for common shares. The fair value of the starts at the time of the a common shares were issued for us Accounts Payable Dividend Payable Current portion of long term debt Bonds Payable Common Shares Retained Earnings 11,000 18.000 8.000 13,000 140,000 15.000 5.000 14.000 115.000 55.000 210.000 201.000 Additional information for 2021: 1. Net loss for 2021 is $30.000 2. In the current year, Axe Resource Management Lid sold land for cash resulting in a loss of 56,000 This was the only and transaction during the year 3. Equipment with a cost of $15,000 and accumulated depreciation of 55,000 was sold for $15,000 cash. 4. 512,000 or bonds were retired during the year at their carrying amount. In addition, some bonds payable were issued for cash 5. Equipment was acquired for common shares. The fair value of the shares at the time of the exchange was $15,000. Some additional common shares were issued for cash 6. The term deposit matures February 15, 2022 7. Dividends on common shares were declared and paid during 2021. REQUIRED Prepare in good form a Statement of Cash Flow for the year ended December 31, 2021. Axe Resource Management Ltd. uses the Indirect method. (15 marks)
