Question

ok XC An An m/courses/26694/assignments/2487947 Olcom X ehether X Geschofth View Policies Current Attempt in Progress + Cullumber Homes Ltd, a private company reporting under ASPE reported the following for the year ended September 30, 2021 Land Building Equipment Accumulated depreciation Dividends payable Mortgage note payable Common shares Retained earnings Depreciation expense Gain on equipment sold Profit 2021 2020 $237,000 $158,000 276,500 276,500 109,810 98,750 51.350 43,450 7,900 15,800 86,900 39,500 187,750 120,600 173,800 63,200 11,850 1.580 165.900 Additional information: 1. Equipment was purchased for $15,800. 2. Land was purchased for $27,650 cash and a mortgage note payable was issued for the balance 3. Common shares were issued for $67,150 cash. Prepare the investing and financing activities sections of the cash flow statement and any required note disclosure. (HintUse Taccounts to help you calculate the cash flows.) (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis es. (15.000 CULLUMBER HOMES LTD. Cash Flow Statement (Partial)

Answer 1

Answer is given below

Working notes: ($15,800 ($27,650) $2,370 opening balance Bank P & L Account Equipment Account $98,750 Accumulated Depre $15,800 Bank $1,580 $3,950 $2,370 CULLUMBER HOMES LTD. Cash Flow Statement (Partial) Cash flows from Investing Activities New Equipment purchased Purchase of Land Sale of Equipment Net Cash used in Investing Activities Cash flows from Financing Activities Repayment of Mortgage note payable Common stock raised during the year Dividend Paid Net Cash provided by Financing Activities ($41,080) closing balance $116,130 $109,810 $116,130 ($3,950) $67,150 ($63,200) $0 Accumulated Depreciation - Equipment Equipment $3,950 opening balance closing balance $51,350 P&L $43,450 $11,850 $55,300 $55,300 Note: Land Costing $ 79,000 was acquired by paying $27,650 cash and issuing a mortgage note payable for $51,350 Dividend declared closing balance Retained Earnings $55,300 Opening balance $173,800 P&L $63,200 $165,900 $229,100 $229,100 Bank Account closing balance Dividend payable $63,200 Opening balance $7,900 Retained Earnings $15,800 $55,300 $71,100 $71,100 Opening balance Bank Mortgage note payable Land Account $158,000 $27,650 $51,350 closing balance $237,000 $237,000 $237,000 Bank Account Closing balance Mortgage Note payable $3,950 Opening balance $86,900 Land $39,500 $51,350 $90,850 $90,850 Common shares Opening balance $187,750 Bank $120,600 $67,150 Closing balance $187,750 $187,750