Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5CashAccounts ReceivableInventoryPrepaid ExpensesEquipmentAccumulated Depreciation - equipmentTotal AssetsAccount PayableInterest PayableIncome taxes payableDividends PayableLong-term Notes PayableCommon sharesRetained EarningsTotal Liabilities & Shareholders' Equity20X520X4$ 6,450$ 4,100$ 72,000 $ 6,500$110,250$ 1,750$ 96,000 $100,000$(50,000)$(42,000)$236,450$209,620$ 16,230810$$ 10,800$ 1,800$ 54,500$135,000$ 16,310$236,450$140,000$ 1,020$ 9,90010$ 9,500$ 2,800$ 62,000$123,000$ 2,410$209,620By how much the change in Accounts Payable has generated or (used) cash when the indirect method is used to prepare the cash flow statement? Seaforce Manufacturing Inc.Income StatementYear Ended December 31, 20X5SaleCost of goods soldGross ProfitOperating ExpensesLoss on Sale of equipmentProfit from OperationsOther expensesInterest ExpenseProfit before Income TaxIncome Tax ExpenseProfitAdditional Information:$55,000$ 2,500$340,000$250, 100$ 89,900$57,500$ 32,400$ 3,500$ 28,900$ 12,000$ 16,9001. Operating expenses include depreciation expense of $10,0002. Accounts Payable related to the purchase of inventory3. Equipment that cost $12,500 was sold at a loss of $2,5004. New equipment was purchased during the year for $8,5005. Dividends declared and paid in 20X5 totaled $3,0006. Common shares were sold for $12,000 cash7. Interest payable in 20X5 was $800 greater than interest payable in 20X48. The company uses IFRS and do not treat dividends as part of operationsSeaforce Manufacturing Inc. comparative balance sheet at December 31 20X5

The cash flow statement is an essential part of the financial statements of the company. A cash flow…

Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5 Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation equipment Total Assets Account Payable Interest Payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 20X5 $ 6,450 $ $ 72,000 $110,250 $1,750 $ 96,000 $(50,000) $236,450 20X4 4,100 $ 6,500 $140,000 $ 1,020 $100,000 $(42,000) $209,620 $ 16,230 $ 810 $ $ 10,800 $ $ 1,800 $ 54,500 $135,000 $ 16,310 $236,450 $ 9,900 10 9,500 $ 2,800 $ 62,000 $123,000 $ 2,410 $209,620 By how much the change in Accounts Payable has generated or (used) cash when the indirect method is used to prepare the cash flow statement?

Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5 Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation equipment Total Assets Account Payable Interest Payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 20X5 $ 6,450 $ $ 72,000 $110,250 $1,750 $ 96,000 $(50,000) $236,450 20X4 4,100 $ 6,500 $140,000 $ 1,020 $100,000 $(42,000) $209,620 $ 16,230 $ 810 $ $ 10,800 $ $ 1,800 $ 54,500 $135,000 $ 16,310 $236,450 $ 9,900 10 9,500 $ 2,800 $ 62,000 $123,000 $ 2,410 $209,620 By how much the change in Accounts Payable has generated or (used) cash when the indirect method is used to prepare the cash flow statement?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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