Indigo Corp. uses the direct method to prepare its statement of cash flows and follows IFRS....
Indigo Corp. uses the direct method to prepare its statement of
cash flows and follows IFRS. Indigo’s trial balances at December
31, 2020 and 2019, were as follows:
| Debits | Dec. 31, 2020 |
Dec. 31, 2019 |
||
| Cash | $55,090 | $31,090 | ||
| Accounts Receivable | 33,520 | 30,270 | ||
| Inventory | 30,630 | 47,000 | ||
| Property, Plant, and Equipment | 96,040 | 90,410 | ||
| Cost of Goods Sold | 258,290 | 385,700 | ||
| Selling Expenses | 133,100 | 167,100 | ||
| Administrative Expenses | 144,900 | 156,200 | ||
| Interest Expense | 15,600 | 28,600 | ||
| Income Tax Expense | 20,200 | 56,200 | ||
| $787,370 | $992,570 | |||
| Credits | ||||
| Allowance for Doubtful Accounts | $1,440 | $1,100 | ||
| Accumulated Depreciation | 26,990 | 25,000 | ||
| Accounts Payable | 25,000 | 15,500 | ||
| Income Taxes Payable | 20,680 | 29,190 | ||
| Deferred Income Tax Liability | 5,710 | 5,010 | ||
| 8% Callable Bonds Payable | 46,520 | 45,770 | ||
| Common Shares | 53,600 | 22,000 | ||
| Retained Earnings | 44,700 | 64,600 | ||
| Sales Revenue | 562,730 | 784,400 | ||
| $787,370 | $992,570 |
Additional information:
| 1. | Indigo purchased $5,630 of equipment during 2020. | |
| 2. | Bad debt expense for 2020 was $5,500 and write offs of uncollectible accounts totalled $5,330. | |
| 3. | Indigo has adopted the policy of classifying the payments of interest as operating activities on the statement of cash flows. |
Prepare the operating activities section of the statement of cash
flows for the year ended December 31, 2020, using the direct
method.
Homework Answers
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Indigo Corp. uses the direct method to prepare its statement of
cash flows and follows IFRS....
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Prepare a statement of cash flows, using the direct method of presenting cash flows from operating...
Prepare a statement of cash flows, using the direct method of
presenting cash flows from operating activities. Be sure to
complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the
answer choices for text entries. Enter amounts that represent cash
outflows as negative numbers using a minus sign. No income
statement provided.
Updated: Sorry for forgetting the income statement.
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McDaniel, Inc. uses the direct method to prepare its statement of cash flows. Refer to the...
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Prepare a statement of cash flows, using the direct method of
presenting cash flows from operating activities. Be sure to
complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the
answer choices for text entries. Enter amounts that represent cash
outflows as negative numbers using a minus sign. No income
statement provided.
Updated: Sorry for forgetting the income statement.
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