question has three parts only answers required no explanation and i will give good rsting

0 O + Question 3 - Financial Statements (27 marks) Only enter your responsible cells This is the only area that will be graded a) Statement of Retained Earnings (6 marks) The information below relates to Cycle Ltd, a Canadian private company with an effective tax rate of 255 Net ons TO Retained earnings Jan 1.1020 11 Cash dividendy declared $45.000 to be paid out in January 2021) 12. Inventory error identified that resulted in an overstatement 13 of net income in 2019. (pre-tax) 10.900 123.000 59,100 45,000 15 Required: 16 Prepare a good form the Statement of Retained Earnings for the year ended December 31, 2020 17 10 Cycle Lid. 10 Statemet of Retained Hamings Your Ended December 31, 2020 1 V 4 41 0 b) Statement of Financial Position (Balance Sheet) (14 marks) Cetary Lidl the following information available for the December 31, 2020 yewed They have two bank account held at different banks. The overall cashme is $25.000 This inches in one out of 514.400 Common shares of $100,000 and continue of $45.000 Retained earnings of $17.000 and other competensive income of $22.000 -Landheld for long term investment purposes of $100.000 Inventory in conted wing FIFO at 583.520 with a netrale valoe of $81,600 Accounts receivable of $63.360 includes an allowance for doublul counts of 32.880 Accounts payable and accrued liabilities of $304,360 56 Short-term investments with a cost of $10,000 are valued wing for vale through 3 income Ar December 31, 2020 the fair value wa $9,000 59 - Property plant and equipment used in operations has a cost of $250,000 and accumulated 00 amortization of 555,000 Required: Prepare the Aur section of the Statement of Financial Position December 31, 2020 in good form 64 Century Ltd. 65 Statement of Financial Position (Assets ONLY) As at December 31, 2020 u Below is the completed States of Cash Flow for Allone 535,000 6200 41.200 All In Statement of Cash Flow For the Year Ended December 31, 2020 100 101 Cliflows from operature ches 10 Net Income 109 Adjustments to reconcile et income to set can provided by operating activities 164 Deprecace expense $12.000 100 Los e sale of vestments 5.000 100 Accounts payable 10,000 307 Accounts receivable (20.800 108 Net cash provided by operating activities 300 110 Cash flows from investing activities 11 Proceeds from sale of investment 27,000 112 Purchase of land (38,000) 1 Net caused by investing activities 14 115 Cash flows from financing activities 116 Issuance of common shares 30.000 117 Payment of cash dividends (10,000) 118 Net cash used by investing activities 119 120 Net increase in cash 121 Cash at beginning of year 122 Cash at end of year 120 124 Required (11.000) 20.000 50.200 20,000 70,200 $ 30 NM in cash Casa bofya - Cash and 50.200 20.000 70 200 $ Required: 12. Given the seat of Cash Flow above the following questions 120 127 1. Did accounts payable ince or decrease from Dec 31, 2019 Dec 31, 2002 129 2 Did accounts recevable increase or decrease from Dec 31, 2019 Dec 31, 2030 130 13 What were Allo's major sources of cash during the period 13 135 136 What were Allo's majories of cash during the period? IT 10 139 140 141 143 14 144 End of page and excam 1.45 140 If you have completed all tabs of them, you are used Have a great winter break! 347 B + PC