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The Carpet Companys 2023 and 2024 balance sheets included the follow.pdf
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A thumbs up will be given to the correct answer. I promise :) Presented below is the comparative balance sheet for Cullumber Inc., a private company reporting under ASPE, at December 31,2024 and 2023: Common shares CULLUMBER INC. Income Statement Year Ended December 31, 2024 Sales $716,040 Cost of goods sold Gross profit 249,480466,560 Operating expenses $159,300Lossonsaleofequipment3,24086,940162,540 Interest expense 3,240 Income tax expense Profit for the year $73,440 Profit for the year $73,440 Additional information: 1. Cash dividends of $16,200 were declared. 2. A long-term investment was acquired for cash at a cost of $109,620. 3. Depreciation expense is included in the operating expenses. 4. The company issued 11,340 common shares for cash on March 2, 2024. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment. 5. Equipment that originally cost $32,400 was sold during the year for cash. The equipment had a carrying value of $9,720 at the time of sale. 6. The company issued a note payable for $30,240 and repaid $3,240 by year end. 7. All purchases of inventory are on credit. 8. Accounts payable is used only to record purchases of inventory. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) CULLUMBER INC. Cash Flow Statement ^$ Adjustments to reconcile profit to $^v^v^$$.
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A thumbs up will be given to the correct answer. I promise ) P.pdf
- A thumbs up will be given to the correct answer. I promise :) Presented below is the comparative balance sheet for Cullumber Inc., a private company reporting under ASPE, at December 31,2024 and 2023: Common shares CULLUMBER INC. Income Statement Year Ended December 31, 2024 Sales $716,040 Cost of goods sold Gross profit 249,480466,560 Operating expenses $159,300Lossonsaleofequipment3,24086,940162,540 Interest expense 3,240 Income tax expense Profit for the year $73,440 Profit for the year $73,440 Additional information: 1. Cash dividends of $16,200 were declared. 2. A long-term investment was acquired for cash at a cost of $109,620. 3. Depreciation expense is included in the operating expenses. 4. The company issued 11,340 common shares for cash on March 2, 2024. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment. 5. Equipment that originally cost $32,400 was sold during the year for cash. The equipment had a carrying value of $9,720 at the time of sale. 6. The company issued a note payable for $30,240 and repaid $3,240 by year end. 7. All purchases of inventory are on credit. 8. Accounts payable is used only to record purchases of inventory. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) CULLUMBER INC. Cash Flow Statement ^$ Adjustments to reconcile profit to $^v^v^$$