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Background / Description
The financial statements of Morse Limited appear below.
Table 3: MORSE LIMITED Comparative Statements of Financial Position (Dec. 31)Assets20162015
Cash$59,000$23,000Accounts receivable31,00034,000Merchandise inventory20,00015,000Property, plan, and equipment50,00078,000Accumulated depreciation
(20,000)(24,000)
$140,000$126,000
Table 4: MORSE LIMITED Comparative Statements of Financial Position (Dec. 31) Continued
Liabilities and Shareholders’ Equity20162015
Accounts payable$15,000$23,000Income tax payable13,0008,000Mortgage payable 9,00033,000Common shares39,00024,000Retained earnings
64,00038,000
Total
Table 5: MORSE LIMITED Income Statement Year Ended December 31 2016
Sales ……………………………………………………………………………
$380,000
Cost of goods sold …………………………………………………………….
(290,000)
Gross profit …………………………………………………………………….
Operating expenses …………………………………………………………..
(36,000)
Interest expense ………………………………………………………………
(4,000)
Profit before income tax ………………………………………………………
Income tax expense …………………………………………………………..
(10,000)
Profit ……………………………………………………………………………
Additional information regarding fiscal 2016:
Dividends declared and paid were $14,000.
During the year, equipment was sold for $12,000 cash. This equipment cost $28,000 originally and had a carrying amount of $12,000 at the time of sale.
Depreciation expense is included in operating expenses.
All sales and purchases are on account.
Accounts payable pertain to merchandise suppliers.
All operating expenses except for depreciation were paid in cash.
Using the direct method, prepare a statement of cash flows for the year ended December 31, 2016.
Using the indirect method, prepare the Operating Activities section of the statement of cash flows for the year ended December 31, 2016.
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