he income statement and additional data of Kesser Photography Ltd…. he

  

he income statement and additional data of Kesser Photography Ltd…. he income statement and additional data of Kesser Photography Ltd.​ follow:  Kesser Photography Ltd.    Income Statement    For the Year Ended December 31, 2020  Revenues:     Consulting revenue $145,000 Expenses:     Salaries expense$70,000   Amortization expense16,000   Rent expense8,000   Office supplies expense1,500   Insurance expense1,800   Interest expense4,500   Income tax expense10,000111,800 Net income  $33,200a. Collections from clients are$3,500more than revenues. b. Increase in cash​ balance,$9,700. c. Payments to employees are$2,000less than salaries expense. d. Interest expense and income tax expense equal their cash amounts. e. Acquisition of​ property, plant, and equipment is$66,000.Of this​ amount,$55,000is paid in​ cash,$11,000by signing a​ long-term note payable. f. Cash received from sale of​ land,$7,500. g. Cash received from issuance of common​ shares,$23,000. h. Payment of​ long-term note​ payable,$8,000. i. Payment of cash​ dividends,$7,000. j. Payments for rent and insurance are equal to expense. k. Payment for office supplies is​$5,500more than expense. l. Opening cash​ balance,$14,000. 1. Prepare Kesser Photography​ Ltd.’s cash flow statement by the direct method for operating activities and a note to the financial statements providing a summary of​ non-cash investing and financing activities. 2. Assume Kesser Photography Ltd. has adopted IFRS. What would be the difference in the cash flow statement using this​ framework?    Business Accounting ACC 081 Share (0)