Question 4.3 (Total: 30 marks; -3 marks per error) Taika Waititi Ltd. had the following...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Question 4.3 (Total: 30 marks; -3 marks per error) Taika Waititi Ltd. had the following comparative statement of financial position: Taika Waititi Ltd. Comparative Statement of Financial Position As at December 31 2022 Cash $20,500.00 Accounts receivable $34,000.00 Inventories $20,000.00 Prepaid insurance $2,500.00 Equipment $102,000.00 2021 $12,500.00 $25,500.00 $30,000.00 $2,000.00 $90,000.00 Accumulated depreciation equipment $22,500.00 $12,500.00 Total assets $156,500.00 $147,500.00 Accounts payable Wages payable Interest payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity $23,000.00 $4,000.00 $2,000.00 $4,000.00 $30,000.00 $65,000.00 $28,500.00 $20,000.00 $2,000.00 $3,000.00 $5,000.00 $34,500.00 $ 65,000.00 $18,000.00 $156,500.00 $147,500.00 Additional information: Net income for the fiscal year was $13,500 Equipment that cost $10,000 and was sold for a gain of $1,000 during 2022. The equipment's accumulated depreciation was $7,000. Required 1. Prepare the statement of cash flows using the indirect format
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
