Question

Vancouver Aquatic Ltd has the following data: Payments of non-current debt$ 130,000 Collections on accounts receivable114,200 Interest revenue6,600 Credit sales265,600 Loan collections 125,200 Salary expense140,700 Proceeds from sale of capital assets, not including $7,200 loss33,500 Cash receipt of dividend revenue20,200 Payment of salaries 99,600 Depreciation expense55,500 Cash sales 325,000 Proceeds from issuance of common shares450,000 Loan to another company60,000 Interest expense and payments 41,000 Bonds payable converted into common shares 140,000 Payments to suppliers 255,000 Cash payments to purchase capital assets62,000 Cost of goods sold325,000 Collection of interest revenue 15,500 Acquisition of equipment by issuing non-current note payable 185,000 Payment of cash dividends36,200 Income tax expense and payments51,500 Cash balance: December 31, 201665,500 Cash balance: December 31, 2017413,800 Prepare the cash flow statement for the year ended December 31, 2017 using the direct method under ASPE and including a schedule of noncash investing and financing activities, if necessary.

Answer 1

Statement of Cash Flow statement for year ended December 31,2020
Cash Flow from operating activities		Amount $
Cash Inflows:
Collection on accounts receivables	114,200
Cash Sales	325,000
Cash Receipt of Dividends	20,200
Collection of interest Revenue	15,500
Cash Outflows:
Payment of Salaries	-99,600
Interest Expense & payment	-41,000
Payments to Suppliers	-255,000
Income tax expense & payment	-51,500
Net Cash flow from operating activities		27,800
Cash flows from investing activities
Loan collections	125,200
Cash payment to purchase capital assets	-62,000
Loan to another Company	-60,000
Proceeds from sale of capital assets	33,500
Net Cash flow from Investing activities		36,700
Cash flows from financing activities
Payment of non-current debt	-130,000
Proceeds from issuance of common shares	450,000
Payment of cash dividends	-36,200
Net Cash flows from financing activities		283,800
Net increase(decrease) in cash		348,300
Cash Balance, December 31,2016		65,500
Cash Balance, December 31,2017		413,800
		-
Non Cash Investing & Financing activities
Acquisition of equipment by issuing Non-Current Notes payable	185,000
Bonds Payable Converted into Common Stock	140,000