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Question 1 Below is the comparative balance sheet for Cambridge Industries Ltd.: Cambridge Industries ltd. Balance Sheet December 31 2020 2019 Assets: $ 32,300 S 40,800 Cash 79,900 107,100 Accounts receivable 88,400 81,600 Investments - trading (FVNI) 86,700 49,300 Land 425,000 345,100 Plant assets (147,900) (136,000) Accumulated depreciation - plant assets Total assets Liabilities and Equity: S $64400 S 487900 $ 18,700 S 6,800 Accounts payable 8,000 10,000 Current portion of long-term note 119,500 75,000 Long-term note payable 130,900 81,600 Common shares 287,300 314,500 Retained camings Total liabilities and cquity 564.400 S 487.900 Additional information: 1. Net income for the year ended December 31, 2019 was $161,500. 2. Cash dividends were declared and paid during 2019. 3. Plant assets with an original cost of $51,000 and with accumulated depreciation of $13,600 were sold for proceeds equal to book value during 2019. 4. The investments are reported at their fair value on the balance sheet date. During 2019, investments with a cost of $12,000 were purchased. No other investment transactions occurred during the year. Fair value adjustments are reported directly on the income statement. 5. In 2019 land was acquired through the issuance of common shares. The balance of the common shares issued were for cash. Required: Using the indirect method, prepare the statement of cash flows for the yean ended December 31, 2019 in good form including all required disclosures.

Question 1 Below is the comparative balance sheet for Cambridge Industries Ltd.: Cambridge Industries ltd. Balance Sheet December 31 2020 2019 Assets: $ 32,300 S 40,800 Cash 79,900 107,100 Accounts receivable 88,400 81,600 Investments - trading (FVNI) 86,700 49,300 Land 425,000 345,100 Plant assets (147,900) (136,000) Accumulated depreciation - plant assets Total assets Liabilities and Equity: S $64400 S 487900 $ 18,700 S 6,800 Accounts payable 8,000 10,000 Current portion of long-term note 119,500 75,000 Long-term note payable 130,900 81,600 Common shares 287,300 314,500 Retained camings Total liabilities and cquity 564.400 S 487.900 Additional information: 1. Net income for the year ended December 31, 2019 was $161,500. 2. Cash dividends were declared and paid during 2019. 3. Plant assets with an original cost of $51,000 and with accumulated depreciation of $13,600 were sold for proceeds equal to book value during 2019. 4. The investments are reported at their fair value on the balance sheet date. During 2019, investments with a cost of $12,000 were purchased. No other investment transactions occurred during the year. Fair value adjustments are reported directly on the income statement. 5. In 2019 land was acquired through the issuance of common shares. The balance of the common shares issued were for cash. Required: Using the indirect method, prepare the statement of cash flows for the yean ended December 31, 2019 in good form including all required disclosures.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 3MC: The following is selected financial data from Block Industries: How much does Block Industries have...
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Question 1 Below is the comparative balance sheet for Cambridge Industries Ltd.: Cambridge Industries Ltd. Balance Sheet December 31 2019 2020 Assets: $ 32,300 $ 40,800 Cash 79,900 107,100 Accounts receivable 88,400 81,600 Investments- trading (FVNI) 86,700 49,300 Land 425,000 345,100 Plant assets (147,900) (136,000) Accumulated depreciation - plant assets Total assets Liabilities and Equity: $ 564,400 S 487,900 $18,700 S 6,800 Accounts payable 8,000 10,000 Current portion of long-term note 119,500 75,000 Long-term note payable 130,900 81,600 Common shares 287,300 314,500 Retained eamings Total liabilities and equity 2 564.400 S 487,900 Additional information: 1 1. Net income for the year ended December 31, 2019 was S161,500. 2. Cash dividends were declared and paid during 2019. 3. Plant assets with an original cost of $51,000 and with accumulated depreciation of $13,600 were sold for proceeds equal to book value during 2019. 4. The investments are reported at their fair value on the balance sheet date. During 2019, investments with a cost of $12,000 were purchased. No other investment transactions occurred during the year. Fair value adjustments are reported directly on the income statement. 5. In 2019 land was acquired through the issuance of common shares. The balance of the common shares issued were for cash. Required: Using the indirect method, prepare the statement of cash flows for the year ended December 31, 2019 in good form including all required disclosures.
Transcribed Image Text:Question 1 Below is the comparative balance sheet for Cambridge Industries Ltd.: Cambridge Industries Ltd. Balance Sheet December 31 2019 2020 Assets: $ 32,300 $ 40,800 Cash 79,900 107,100 Accounts receivable 88,400 81,600 Investments- trading (FVNI) 86,700 49,300 Land 425,000 345,100 Plant assets (147,900) (136,000) Accumulated depreciation - plant assets Total assets Liabilities and Equity: $ 564,400 S 487,900 $18,700 S 6,800 Accounts payable 8,000 10,000 Current portion of long-term note 119,500 75,000 Long-term note payable 130,900 81,600 Common shares 287,300 314,500 Retained eamings Total liabilities and equity 2 564.400 S 487,900 Additional information: 1 1. Net income for the year ended December 31, 2019 was S161,500. 2. Cash dividends were declared and paid during 2019. 3. Plant assets with an original cost of $51,000 and with accumulated depreciation of $13,600 were sold for proceeds equal to book value during 2019. 4. The investments are reported at their fair value on the balance sheet date. During 2019, investments with a cost of $12,000 were purchased. No other investment transactions occurred during the year. Fair value adjustments are reported directly on the income statement. 5. In 2019 land was acquired through the issuance of common shares. The balance of the common shares issued were for cash. Required: Using the indirect method, prepare the statement of cash flows for the year ended December 31, 2019 in good form including all required disclosures.
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