signment Question 3 of 4 - / 100 Whiskey Industries Ltd., a Nanaimo, British Columbia-based company, has a December 31 year end. The company's comparative statement of financial position and its statement of income for the most recent fiscal year are presented here, along with some additional information: 1. During the year. Whiskey Industries sold, for $420 cash, equipment that had an original cost of $840 and a net carrying amount of $170 Whiskey Industries borrowed an additional $6,720 by issuing notes payable in 2020. During the year, the company purchased a piece of land for a future manufacturing site for $168,000. The land was purchased with no money down and the company entered into a mortgage payable for the full amount. 2. 3. WHISKEY INDUSTRIES LTD. Statement of Financial Position As at December 31, 2020 2020 2019 Assets Current assets Cash Accounts receivable Prepaid rent Inventory Total current assets Manufacturing equipment Accumulated depreciation, manufacturing equipment Land Total assets $5.080 8,400 500 33,600 47.580 133,560 (58.130 168,000 $291010 $16,380 16,800 420 25,200 58.800 84,000 (42.000 0 $100,800 Question 3 of 4 33,OUU 25, ZUU 47,580 133,560 (58,130) 168,000 $291,010 58,800 84,000 (42,000) $100,800 Inventory Total current assets Manufacturing equipment Accumulated depreciation, manufacturing equipment Land Total assets Liabilities and shareholders' equity Current liabilities Accounts payable Wages payable Dividends payable Total current liabilities Mortgage payable Notes payable Common shares Retained earnings Total liabilities and shareholders' equity $5,040 340 250 5,630 $9,240 500 390 10,130 168,000 38,640 24,360 49.880 $291,010 0 33,600 21,000 40,570 $100,800 WHISKEY INDUSTRIES LTD. Statement of Income For the year ended December 31, 2020 Sales $109.200 Cost of goods sold 67.200 Gross margin 42,000 Expenses - / 100 E WHISKEY INDUSTRIES LTD. Statement of Income For the year ended December 31, 2020 Sales $109.200 Cost of goods sold 67,200 Gross margin 42.000 Expenses Rent expense 5.960 Wages expense 8,060 Depreciation expense 16,800 Interest expense 500 Income tax expense 440 Gain on sale of equipment (250) Net income $10.490 Using the information above, prepare the statement of cash flows for Whiskey Industries Ltd, for the year ended December 31. 2020, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis es. (15,000) WHISKEY INDUSTRIES LTD Statement of Cash Flows, Indirect Method For the Year Ended December 31, 2020 wiley.com nt - / Question 3 of 4 WHISKEY INDUSTRIES LTD Statement of Cash Flows, Indirect Method For the Year Ended December 31, 2020 $ $ E ignment Question 3 of 4 - / 100 Supplementary disclosures: Cash paid for interest Cash paid for income tax $ $ Non-cash investing and financing activities: During the year, land with a value of $ amount was acquired by signing a mortgage payable for the full e Textbook and Media Question Part Score --/85 Question 3 of 4 > - / 100 Determine the cash flows from operating activities using the direct method. (Show amounts that decrease cash flow with elthera - sign e.g. - 15,000 or in parenthesis e.s. (15,000).) WHISKEY INDUSTRIES LTD. Statement of Cash Flows, Direct Method For the Year Ended December 31, 2020 eTextbook and Media ./15 Question Part Score
