Q2/These items are taken from the financial statements of Ivanhoe Corporation for the year ended December...

Q2/These items are taken from the financial statements of Ivanhoe Corporation for the year ended December 31, 2018:

Retained earnings, January 1		$215,500
Cash		13,400
Salaries payable		3,000
Utilities expense		2,000
Equipment		59,500
Accounts payable		16,000
Buildings		62,000
Common shares		38,200
Dividends declared		5,000
Service revenue		212,900
Prepaid insurance		2,000
Repairs and maintenance expense		3,300
Land		179,500
Depreciation expense		6,200
Accounts receivable		13,700
Insurance expense		2,700
Salaries expense		119,800
Accumulated depreciation—equipment		17,600
Income tax expense		6,000
Supplies		200
Operating expense		39,400
Supplies expense		1,000
Bank loan payable, due 2021		17,500
Held for trading investments		21,000
Accumulated depreciation—buildings		17,000
Interest expense		1,500
Interest revenue		500

Additional information:

1.	Ivanhoe started the year with $34,500 of common shares and issued $3,700 more during the year.
2.	$1,500 of the bank loan payable is due to be repaid within the next year.

a/ Prepare an income statement for the year.

B/ Prepare a statement of changes in equity for the year. (If an amount reduces the account balance then enter amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

C/Prepare a statement of financial position for the year. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.)

Expert Solution

ekkarill92 answered 1 year ago

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