Question 1 of 1 3.96/6 E The comparative unclassihed statement of Ninancial position for Wildhorse Ltd shows the following balances at December 31 2017 $41.000 Wildhorse Ltd. Statement of Financial Position December 31 Assets 2018 Cash $21.000 Turm deposits maturing in das 0 Accounts receivable 30.000 Invertory 106.000 Land 182.000 48.000 42.000 72.000 231.000 523000 Buildings Accumulated depreciation buildings 911.000 (135.000 1190.000 74000 (20.000 Equipment Accumulated depreciation equipment Total assets Liabilities and Shareholders Equity 107.000 16,000 $1.226.000 $821.000 3.96/6 III $75.000 5.000 36.000 Question 1 of 1 Liabilities and Shareholders Equity Accounts payable $29.000 Income tax payable 2000 Interest payable 21.000 Bank loan payable-current portion 51.000 Bank loan payable-honcurrent portion 902.000 Common shares 163.000 Retained earnings 50.000 Total bitles and wholders equity $1.226.000 40.000 423000 163.000 79.000 $82.000 Additional information restin 2030 1 Net income was $11.000 2 Alous of $25,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year, A gain on the disposal of $15.000 was recorded when old building was sold for was sold for $40.000 cash. A new bulding was purchased for $510,000 and depreciation expense on buildings for the year was $42.000. 4. Ecuipment conting $75.000 was purchased while a loss of $11.000 was recorded on equipment that originally cost $42.000 3 . Question 1 of 1 3.9676 4 Equipment costine $75.000 was purchased while a loss of $11.000 was recorded on equipment that originally cost $42.000 and was sold for $25.000 The company received $515.000 from new bank loans during the year 6 Dividends were declared and patel during the year 7 No common shares were issued during the year but some were bought back and retired at the amount they were originally med at 5 (A) Prepare the statement of cash flows using the direct approach (Show mounts that decrease cash flow with either signes. 95.000 or in parenthesses. 05.000 WILDHORSE LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2018 Chflows from operating activities Net Income 11000 Adjustments to reconcile net income to Question 1 of 1 3.9676 Prepare the statement of cash flows using the indirect approach (Show amounts that decrease cash flow with ethere-signex - 15.000 or in perthesis es (15.000 WILDHORSE LTD. Statement of Cash Flows-Indirect Method Year Ended December 31 2010 Cachow.fron coeur Net income 11000 Adjustments to reconcile not income to Netch provided by oportet 25000 Lomondplafond Ganon dicotat ut bolde 115000 Depreciation Increase in interest payable SOOO Los disposalement Question 1 of 1 3.96/6 III Londoa upent Increme in accounts receivable (300001 Inaininwistory 1500001 Detrenin sont MO Deresi Income taxe 13000 Conhow. from doiratine with Cathrow frosting activities Proceed trom dhomat othed Proceeds from disposal of building NO Purchase of building Question 1 of 1 3.96/6 II! Purchase of Proceeds from disposal ooit Net cu led by Wings Cash flow from froncine activities Nonto bartoon Repements et torkloon Diva Benuto comments Nel cash provided by financing activities Nel decres 41000 Chichevalent JUNY 40000 Question 1 of 1 > 3.96 / 6 !!! Net cash used by investing activities Cash flows from financing activities Additions to bankloon Repayments of bank loan Dividends pald Repurchase of common shares Net can provided by financing activities Net decrease in cash 41000 Cash and cash equivalents, January 1 48000 Cash and cash equivalents December 31 89000
