Grand Corp.s 20X2 financial statements reflect the following: ...
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Accounting
Grand Corp.s 20X2 financial statements reflect the following:
Sales | $ | 370,000 | ||||||
Cost of goods sold | $ | 140,600 | ||||||
Depreciation | 18,400 | |||||||
Other operating expenses | 55,100 | |||||||
Income tax | 31,700 | |||||||
Loss on sale of equipment | 2,200 | |||||||
Gain on sale of investment | (1,400 | ) | 246,600 | |||||
Net earnings and comprehensive income | $ | 123,400 | ||||||
As at December 31 | 20X2 | 20X1 | |||||||
Cash | $ | 50,200 | $ | 39,900 | |||||
Accounts receivable | 64,800 | 74,400 | |||||||
Inventory | 135,800 | 127,100 | |||||||
Equipment | 402,500 | 344,400 | |||||||
Less: accumulated depreciation | (167,100 | ) | (165,900 | ) | |||||
Investment | 39,600 | 57,200 | |||||||
Total | $ | 525,800 | $ | 477,100 | |||||
Accounts payable | $ | 44,900 | $ | 75,300 | |||||
Income tax payable | 7,200 | 5,100 | |||||||
Bonds payable | 33,100 | 0 | |||||||
Common shares | 222,500 | 222,500 | |||||||
Retained earnings | 218,100 | 174,200 | |||||||
Total | $ | 525,800 | $ | 477,100 | |||||
Additional information:
During the year, equipment with an original cost of $72,200 was sold for cash.
Required: 1. Prepare the SCF. (Deductible amounts and Cash outflows should be indicated with minus sign.)
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