The comparative statement of financial position of Pronghorn
Inc. as at June 30, 2017, and a statement of comprehensive income
for the 2017 fiscal year follow:
PRONGHORN INC. Statement of Financial Position June 30, 2017 |
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June 30 | |||||||
Assets | 2017 | 2016 | |||||
Cash | $ | 20,800 | $ | 39,520 | |||
Accounts receivable | 89,440 | 76,960 | |||||
Inventory | 107,120 | 106,080 | |||||
Prepaid expenses | 2,080 | 6,240 | |||||
Fair Value—OCI Investments | 48,880 | 46,800 | |||||
Equipment | 179,920 | 165,360 | |||||
Accumulated depreciation | (36,400 | ) | (26,000 | ) | |||
Total | $ | 411,840 | $ | 414,960 | |||
Liabilities and Shareholders’ Equity | |||||||
Accounts payable | $ | 119,600 | $ | 104,000 | |||
Income taxes payable | 2,080 | 3,120 | |||||
Dividends payable | 5,200 | 0 | |||||
Long-term notes payable | 87,360 | 123,760 | |||||
Common shares | 32,240 | 24,960 | |||||
Retained earnings | 153,920 | 149,760 | |||||
Accumulated other comprehensive income | 11,440 | 9,360 | |||||
Total | $ | 411,840 | $ | 414,960 |
PRONGHORN INC. Statement of Comprehensive Income For the Year Ended June 30, 2017 |
||
Net sales | $335,920 | |
Cost of goods sold | 182,000 | |
Gross profit | 153,920 | |
Operating expenses | 124,800 | |
Income from operations | 29,120 | |
Interest expense | 9,360 | |
Income before income taxes | 19,760 | |
Income taxes | 6,240 | |
Net income | 13,520 | |
Other comprehensive income | ||
Unrealized gain on FV-OCI investments | 2,080 | |
Comprehensive income | $ 15,600 |
Additional information:
1. | Pronghorn follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows. | |
2. | Operating expenses include $10,400 in depreciation expense. | |
3. | There were no disposals of equipment during the year. | |
4. | Common shares were issued for cash. | |
5. | During the year, Pronghorn acquired $8,320 of equipment in exchange for long-term notes payable. |
(a)
Prepare the statement of cash flows for Pronghorn for the year
ended June 30, 2017, using the indirect method along with any
necessary note disclosure. (Show amounts that decrease
cash flow with either a - sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
The comparative statement of financial position of Pronghorn Inc. as at June 30, 2017, and a...
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