Review Question_Winter 2020_Page 7 Review Question_Winter 2020_Page 8 Question #7 Question # 1 On a statement of cash flows for calendar 2020, how much cash provided by (used in) investing activities is Oswald Ltd. has recently decided to go public and has hired you as their independent accountant. They wish to adhere to IFRS and know that they must prepare a statement of cash flows. Their financial statements for 2020 and 2019 are provided below: Statements of Financial Position Dec 31/20 Cash. $ 51,000 Accounts receivable ........ 45,000 Merchandise inventory ....... 48,000 Property, plant and equipment ......... $ 76,000 Less accumulated depreciation............ (40,000) 36,000 Total Assets S 180.000 Dec 31/19 $ 24,000 27,000 60,000 $ 120,000 _138,000) 82.000 $ 193.000 Question # 2 On a statement of cash flows for calendar 2020, how much cash provided by (used in) by financing activities is Accounts payable Income taxes payable .......... Bonds payable... Common shares ....... Retained earnings ................ Total Liabilities & Shareholders' Equity $ 22,000 44.000 45,000 27,000 42,000 $ 180.000 $ 12,000 49,000 75,000 27,000 30,000 S 193.000 Income Statement Year ended December 31, 2020 Sales ................... Cost of sales............ Gross profit................ Selling and administrative expenses Income from operations...... Interest expense. Income before taxes. Income taxes.................... Net income ..................... ... $ 1,050,000 894,000 156,000 99,000 57,000 9,000 48,000 12,000 S 36.000 The following additional data were provided for calendar 2020: 1. Dividends declared and paid were $ 24,000. 2. Equipment was sold for $ 30,000. This equipment originally cost $ 44,000, and had a book value of $ 36,000 at the time of sale. The loss on sale was included in "selling and administrative expenses, as was the depreciation expense for the year. 3. Bonds were retired during the year at par