SHERIDAN LTD. Statement of Financial Position (partial) December 31 2018 2017 Current assets Accounts receivable $7,800 $11,800 Inventory 7,000 4,100 Prepaid expenses 3,800 1,800 Current liabilities Accounts payable 3,800 2,700 Income tax payable 1,500 500 Accrued liabilities 2,600 1,300 Bank loan payable-current portion 5,300 8,000 SHERIDAN LTD. Income Statement Year Ended December 31, 2018 Net sales $185,000 Cost of goods sold 117,000 Gross profit 68,000 Operating expenses 52,000 Income from operations 16,000 Iata LEA ere to search Exercise 13-1 a-b Your answer is partially correct. Try again. Blossom Corporation had the following transactions: (if the transaction has no effect on cash, leave the Cash Effect and Classification fields Bank.) (a) In the below table, indicate by how much each transaction increases or decreases cash. If the transaction has no effect on cash, say so. (b) Identify whether the transaction should be classified as an operating activity, investing activity, financing activity, noncash investing and financing activity, or SHERIDAN LTD. Statement of Financial Position (partial) December 31 2018 2017 Current assets Accounts receivable $7,800 $11,800 Inventory 7,000 4,100 Prepaid expenses 3,800 1,800 Current liabilities Accounts payable 3,800 2,700 Income tax payable 1,500 500 Accrued liabilities 2,600 1,300 Bank loan payable-current portion 5,300 8,000 SHERIDAN LTD. Income Statement Year Ended December 31, 2018 Net sales $185,000 Cost of goods sold 117,000 Gross profit 68,000 Operating expenses 52,000 Income from operations 16,000 Iata LEA ere to search Exercise 13-1 a-b Your answer is partially correct. Try again. Blossom Corporation had the following transactions: (if the transaction has no effect on cash, leave the Cash Effect and Classification fields Bank.) (a) In the below table, indicate by how much each transaction increases or decreases cash. If the transaction has no effect on cash, say so. (b) Identify whether the transaction should be classified as an operating activity, investing activity, financing activity, noncash investing and financing activity, or