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heffield Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid nancing activities Condensed financial data for 2020 and 2019 follow (in thousands) SHEFFIELD LIMITED Comparative Statement of Financial Position December 31 Cash FV-Nl investments Accounts receivable Inventory Plant assets Accumulated depreciation Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings Sales Cost of goods sold Gross margin Administrative expenses Income from operations Other expenses and gains 2020 interest expense Gain on disposal of FV-NI investments Income before tax income tax expense $2.025 1.300 1.800 1.630 1.995 (1200) $7,550 $1,250 230 SHEFFIELD LIMITED Income Statement Year Ended December 31, 2020 1.985 2685 $7,550 $:20 1 80 2019 $1,150 1,420 1,305 2,015 1,745 (1,170 1 $6,465 $905 280 1,635 1,745 1,900 $6,465 $6,950 4,700 2,250 910 1,340 1,400 405 $995 dditional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were so 220 The FV-NI investments' carrying amount and market value were the same at December 31, 2020. repare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15.000 wenthesis eg. (15,000). Enter amounts in thousands)

heffield Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid nancing activities Condensed financial data for 2020 and 2019 follow (in thousands) SHEFFIELD LIMITED Comparative Statement of Financial Position December 31 Cash FV-Nl investments Accounts receivable Inventory Plant assets Accumulated depreciation Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings Sales Cost of goods sold Gross margin Administrative expenses Income from operations Other expenses and gains 2020 interest expense Gain on disposal of FV-NI investments Income before tax income tax expense $2.025 1.300 1.800 1.630 1.995 (1200) $7,550 $1,250 230 SHEFFIELD LIMITED Income Statement Year Ended December 31, 2020 1.985 2685 $7,550 $:20 1 80 2019 $1,150 1,420 1,305 2,015 1,745 (1,170 1 $6,465 $905 280 1,635 1,745 1,900 $6,465 $6,950 4,700 2,250 910 1,340 1,400 405 $995 dditional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were so 220 The FV-NI investments' carrying amount and market value were the same at December 31, 2020. repare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15.000 wenthesis eg. (15,000). Enter amounts in thousands)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
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Sheffield Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Condensed financial data for 2020 and 2019 follow (in thousands) SHEFFIELD LIMITED Comparative Statement of Financial Position December 31 Cash FV-Ni investments Accounts receivable Inventory Plant assets Accumulated depreciation Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings Sales Cost of goods sold Gross margin Administrative expenses Income from operations Other expenses and gains Interest expense Gain on disposal of FV-NI investments Income before tax Income tax expense Net income 2020 $2,025 1.300 1.800 1.630 1.995 (1200) $7,550 Adjustments to reconcile net income to net cash provided by operating activities: $1,250 230 1,400 SHEFFIELD LIMITED Income Statement Year Ended December 31, 2020 1.985 2685 $7,550 5:20 1 80 2019 $1,150 1,420 1,305 2,015 1,745 (1,170) $6,465 $905 280 1,635 1,745 1,900 $6,465 $6,950 4,700 2,250 910 1,340 60 1,400 405 $995 Additional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were sold in 2020. The FV-NI investments' carrying amount and market value were the same at December 31, 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15.000 or in parenthesis eg. (15,000). Enter amounts in thousands) Sheffield Limited Statement of Cash Flows
Transcribed Image Text:Sheffield Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Condensed financial data for 2020 and 2019 follow (in thousands) SHEFFIELD LIMITED Comparative Statement of Financial Position December 31 Cash FV-Ni investments Accounts receivable Inventory Plant assets Accumulated depreciation Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings Sales Cost of goods sold Gross margin Administrative expenses Income from operations Other expenses and gains Interest expense Gain on disposal of FV-NI investments Income before tax Income tax expense Net income 2020 $2,025 1.300 1.800 1.630 1.995 (1200) $7,550 Adjustments to reconcile net income to net cash provided by operating activities: $1,250 230 1,400 SHEFFIELD LIMITED Income Statement Year Ended December 31, 2020 1.985 2685 $7,550 5:20 1 80 2019 $1,150 1,420 1,305 2,015 1,745 (1,170) $6,465 $905 280 1,635 1,745 1,900 $6,465 $6,950 4,700 2,250 910 1,340 60 1,400 405 $995 Additional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were sold in 2020. The FV-NI investments' carrying amount and market value were the same at December 31, 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15.000 or in parenthesis eg. (15,000). Enter amounts in thousands) Sheffield Limited Statement of Cash Flows
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