Question 1 of 2 View Policies Current Attempt in Progress 8. 2. 3. 4. 5. 6. 7. The statement of income for Blossom Ltd., a private company reporting under ASPE, is presented here: Sales 1. BLOSSOM LTD. Statement of Income Year Ended November 30, 2021 Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income $8,400,000 4,150,000 Additional information regarding 2021: 4,250,000 2,040,000 2,210,000 150,000 2,060,000 400,000 $1,660,000 /50 Operating expenses include $73,000 of depreciation expense and a $110,000 impairment loss on property, plant, and equipment. Accounts receivable increased by $189,000. Inventory decreased by $55,000. Prepaid expenses related to operating expenses increased by $50,000. Accounts payable to suppliers of inventory decreased by $184,000. Rent payable related to operating expenses decreased by $91,000. Interest payable decreased by $20,000. Deferred revenue received from customers decreased by $15,000.

what more inf req?

Cairent Atteinpt in Brocress The statement of income for Glasfon Lid a private compary ropocting under fof e is presented here. Additionalinformation regarding 2021 1. Operating expenses include $73,000 of depreciatian expense ard a 5110.000 impairment loss on property, plant, and equipment. 2. Accounts recelvable increased by $129,000 9. Inventary decreased by 555000 4. Prepaid expenses related to ajerating expenses incroased by 550000 . 5. Accounts payable to supptiers of irwentory decreased by. 5184,000 . 6. Rent payable related to operatingexpenses decreased b 7. interest payable decreased by $20000 8. Deferred revenue recelved from customers decreased by 515.000 . 7. Interest payable decreased by $20.000. 8. Deferred revenue receved from customers decreased by $15,000. 9. income tax payable increased by $29000. (a) Prepare the operating activites section of the staterment of cash flows, using the indirect method. (Show amounts thot decreose cash flow with elther a-sion eg, 15,000 or in parmthesiseg. (15,0001) Question 1 of 2 150 Adjustments to reconcile not income to The comparative, unclassified statement of financial position for Ivanhoe Ltd. shows the following balances at December 31 Additiond intormation regarding 2021: 1. Net income was $12,000 2. Trading investments consist of term deposits, which are short-term, highy liquid debt investments maturine, in this cise, in 60 . days. 3. A loss of 521,000 was recorded on the disposal of a small parcel of land. No land was purchased during the vear. 4. Again on disposal of $19,000 was recorded when an old building was sold for $41,000 cash. A new building was purchased for $500,000 and depreciation expense on buildings for the year was $47,000. 5. Equipment costine 577,000 was purchased while a loss of $12,000 was rocorded tocequpment that orisinally cost 547,000 and was sold for $21000 6. The company received $512,000 from new bank loans during the year. 7. Dividends were declared and paid during the year: a. Nocommonshares were issued during the year, but some were bought hant ond ritired anthin mount they were originally issued at (s) Prepace the statement of cash fows using the indirect method. Show amounts that decrese cash flow with either a . sim es. -15.000 or in perrntheih es (15,000) Question 2 of 2 150