Cash 36,000 2,000 Accounts receivable 21,000 39,000 Inventory 5,700 49,000 Supplies 2,500 3,000 65,200 93,000 Land 1,100,000 800,000 Building 1,150,000 900,000 Accumulated depreciation – building (276,000) (180,000) Vehicles 15,000 28,000 Accumulated depreciation – vehicles (3,600) (5,600) 1,985,400 1,542,400 $2,050,600 $1,635,400 Accounts payable 38,000 49,000 Dividends payable 25,000 1,300 Current bank loan 55,000 55,000 118,000 105,300 Non-current bank loan 1,700,600 1,320,100 1,818,600 1,425,400 Common shares 120,000 100,000 Retained...

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Question

Accounting

Cash
36,000
2,000
Accounts receivable
21,000
39,000
Inventory
5,700
49,000
Supplies
2,500
3,000
65,200
93,000
Land
1,100,000
800,000
Building
1,150,000
900,000
Accumulated depreciation – building
(276,000)
(180,000)
Vehicles
15,000
28,000
Accumulated depreciation – vehicles
(3,600)
(5,600)
1,985,400
1,542,400
$2,050,600
$1,635,400
Accounts payable
38,000
49,000
Dividends payable
25,000
1,300
Current bank loan
55,000
55,000
118,000
105,300
Non-current bank loan
1,700,600
1,320,100
1,818,600
1,425,400
Common shares
120,000
100,000
Retained earnings
112,000
110,000
232,000
210,000
$2,050,600
$1,635,400
During 2018 the following occurred:
Land costing $300,000 was purchased in 2018 for $220,000 cashand by issuing common shares of $80,000
A building that had an original cost of $348,000 andaccumulated depreciation of $128,000 was sold for a loss of$53,000
A vehicle was sold during the year, the vehicle had a cost of$21,000, accumulated depreciation of $3,000 and was sold for $6,800in cash
The vehicle that was purchased in 2018 was purchased byobtaining a bank loan
$137,0000 was paid towards the bank loan in 2018
The company declared dividends of $32,000 in 2018
Common shares were bought back by the company during 2018
Prepare the statement of cash flows for 2018 using theindirect method.

Answer & Explanation Solved by verified expert

3.9 Ratings (367 Votes)

Cash Flow statement Particulars Amount cash flow from operating activities retained earning 200000 Dividend payable 3200000 net profit 3400000 loss on sale of vehicle 1120000 loss on sale of building 5300000 See Answer

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Accounting

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Cash	36,000	2,000
Accounts receivable	21,000	39,000
Inventory	5,700	49,000
Supplies	2,500	3,000
	65,200	93,000

Land	1,100,000	800,000
Building	1,150,000	900,000
Accumulated depreciation – building	(276,000)	(180,000)
Vehicles	15,000	28,000
Accumulated depreciation – vehicles	(3,600)	(5,600)
	1,985,400	1,542,400
	$2,050,600	$1,635,400


Accounts payable	38,000	49,000
Dividends payable	25,000	1,300
Current bank loan	55,000	55,000
	118,000	105,300
Non-current bank loan	1,700,600	1,320,100
	1,818,600	1,425,400

Common shares	120,000	100,000
Retained earnings	112,000	110,000
	232,000	210,000
	$2,050,600	$1,635,400