Psychodelia Fixation Balance sheet as at December 31 2022 2021 ASSETS Cash Held for trading investments Accounts receivable 97,800 48,400 128,000 114,000 79,000 43,000 Inventory 131,000 100,300 Prepaid insurance 18,400 26,000 Equipment 270,000 242,500 Accumulated depreciation (50,000) (52,000) Total assets 674,200 522,200 LIABILITIES AND SHAREHOLDER'S EQUITY Accounts payable 93,000 77,300 Accrued liabilities 11,300 7,000 Deferred revenue 11,900 7,500 Bank loan payable Common shares 110,000 150,000 200,000 175,000 Retained earnings 248,000 105,400 Total liabilities and equity 674,200 522,200 Psychodelia Fixation Income Statement for the year ended December 31, 2022 Sales Cost of goods sold Gross profit Operating expenses Operating income Other revenue and expenses Unrealized gain (loss) on held for trading investments 14,000 Interest income (expense) Income before tax Income tax expense Net income New equipment costing $85,000 was purchased for $25,000 and a $60,000 long term bank loan. 492,600 185,000 307,600 116,650 190,950 (4,510) 9,490 200,440 45,000 155,440 Old equipment costing $57,500 was sold resulting in a gain of $7,500. An unrealized gain on held for trading investments of $14,000 was recorded. Psychodelia Fixation Statement of Cash Flow for the year ended December 31, 2022 Operating activities Cash receipts: Cash receipts from customers Cash disbursements: Blank 11 Cash payments to suppliers Blank 21 Cash payments for operating expenses Blank 31 Cash payments for income tax Blank 4 Cash payments for interest Blank 5 Blank 6 Net cash provided by operating activities Investing activities Proceeds on disposal of equipment sold Purchase of new equipment Blank 71 Blank 8 Blank 9 CKDOWII Browser Limit: 2:00:00 Time Left:0:29:36 Zhengyang Qiao: Attempt 1 1: Financing activities 21 5 31 Sale of common shares Repayment of bank loan payable Payment of cash dividends 11 9 12 21 14 15 Net increase in cash Cash, January 1, 2022 Cash, December 31 2022 Question 21 (20 points) 17 18 Blank 10 Blank 111 Blank 12 Blank 13 Blank 14 Blank 15 Blank 16 Amount for blank 1 I Amount for blank 2