The following information is for Tulip Co. for the year ended December 31, 2020, 14 5 6 Tulip Co. Balance Sheet As at December 31 7 8 2020 2019 Change $ $ 9 ASSETS TO Cash 11 Accounts Receivable (net) 12 Inventory 13 Prepaid expenses 14 FV-NI investments 15 Land 6 Equipment Accumulated depreciation - equipment Patent TOTAL ACCOTC 5,000 28,300 45,800 7,500 43,700 389,000 632,000 (303,400) 35,000 007 ann 8,200 25,600 47,300 8,200 38,000 264,000 488,000 (250,700) c A C D E G H (250,700) (303,400) 35,000 $ 882,900 $ 628,600 $ 15,600 8,500 17 Accumulated depreciation - equipment 18 Patent 19 TOTAL ASSETS 20 21 LIABILITIES AND SHAREHOLDER'S EQUITY 22 Accounts payable 23 Dividends payable 24 Long-term notes payable 25 Deferred tax liability 26 Bank loan 27 TOTAL LIABILITIES 8 SHAREHOLDER'S EQUITY Common Shares Retained Earnings TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 18,800 12,500 125,000 5,820 50,000 $ 212,120 7,200 $ 31,300 $ 282,000 388,780 $ 670,780 $ 882,900 $ 265,000 332,300 $ 597,300 $ 628,600 34 Other information for 2020: (1). New equipment was purchased in cash during 2020. In addition, equipment with an original cost of $48,000 and net book value of $12,000 was sold during the year at a gain of $3,000. 35 36 37 (2). Land was purchased by issuing a long-term note for $125,000. 38 39 (3). Cash dividends were declared and paid in 2020. (4). The change in the FV-NI investments is from the change in the market value of the securities for the fiscal year 2020. There were no purchases or sales of these securities during the 2020 fiscal year. 40 41 42 43 (5). Net income for the year ended December 31, 2020 was $68,980. 44 45 (6). Tulip purchased a new patent with an indefinite useful life (not amortized). 16 (7). Tulip prepares its accounting records in accordance with IFRS and has adopted the policy of classifying 17). Tulip prepares its accounting records in accordance with IFRS and has adopted the policy of classifying dividends paid as financing activities and dividends received as investing activities. 47 40 50 1 49 REQUIRED: Using the space BELOW, prepare a statement of Cash Flows using the Indirect method for the year ended December 31, 2020. Select the appropriate time period, headers and subtotals of the statement using the drop-down boxes provided (highlighted in green cells). T-Accounts have been provided above to support your response. Make sure to show all calculations! Only the blue and green cells will be marked. It is suggested to cell reference as much as possible to avoid typos. Tulip Co. Statement of Cash Flows D E E G H 7ump Co. Statement of Cash Flows 56 57 58 59 . 60 61 62 63 64 Assets Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities Cash, beginning of year Cash, end of year Expenses Financing activities 65 66 67 68 59 0 D E G 58 59 60 61 Non-cash adjustments: 62 63 64 65 66 67 58 9 10 79 80 81 82 33 24 5 D 77 78 79 30 1
