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Question 3 of 5 The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Assets Cash Accounts receivable Inventory Estimated inventory returns Long-term investments
Question 3 of 5 The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Assets Cash Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation IVANHOE LTD. Statement of Financial Position December 31 Total assets 47 @ Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity A Type here to search 2021 $58,000 83,000 176,000 5,000 73,000 260,000 (79,000 ) $576,000 $26,000 9,000 107,000 217,000 217,000 $576,000 2020 $23,000 73,500 186,000 3,000 130,000 160,000 (38,000) $537,500 $ 42,000 6,000 185,500 174,000 130,000 $537,500 6.7/8 E The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Total liabilities and shareholders' equity $576,000$537,500 Additional information pertaining to 2021 : 1. Net income was $115,900. 2. Sales were $996,000. 3. Cost of goods sold was $756,000. 4. Operating expenses were $49,000, exclusive of depreciation expense. 5. Depreciation expense was $41,000. 6. Interest expense was $13,000. 7. Income tax expense was $27,000. 8. Long-term investments were sold at a gain of $5.900. 9. No equipment was sold during the year. 10. $78,500 of the bankloan was repaid during the year. 11. Common shares were issued for $43,000. Prepare a statement of cash flows using the direct method, Prepare a statement of cash flows using the direct method. IVANHOE LTD. Statement of Cash Flows-Direct Method Cash flows from operating activities Cash receipts from customers $ Cash payments Question 3 of 5 Proceeds from sale of long-term investments v Purchase of equipment 6.7/8 Pryment of cash dividends Issue of common shares $
Question 3 of 5 The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Assets Cash Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation IVANHOE LTD. Statement of Financial Position December 31 Total assets 47 @ Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity A Type here to search 2021 $58,000 83,000 176,000 5,000 73,000 260,000 (79,000 ) $576,000 $26,000 9,000 107,000 217,000 217,000 $576,000 2020 $23,000 73,500 186,000 3,000 130,000 160,000 (38,000) $537,500 $ 42,000 6,000 185,500 174,000 130,000 $537,500 6.7/8 E
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