Help!! I need help with this, and right answers please, will upvote ICE Drilling Inc.'s balance sheet information and income statement are as follows:ICE Drilling Inc.Income StatementFor Year Ended December 31, 2023SalesCost of goods soldGross profitOperating expenses:Depreciation expenseOther expensesTotal operating expensesProfit from operationsLoss on sale of equipmentProfit before taxesIncome taxesProfitCashAccounts receivableMerchandise inventoryICE Drilling Inc.Comparative Balance Sheet InformationPrepaid expenses.EquipmentAccumulated depreciationAccounts payableCurrent notes payableNotes payableCommon sharesRetained earnings$Cash flows from operating activities:33,000303,960Cash flows from investing activities:$1,109,800551,000$ 558,800Cash flows from financing activities:336,960221,8409,688212,16025,360$ 186,800$$December 3120232022$ 102,680 $ 162,640136,600604,20011,950355,48068,560195,51013,400210,000441,800281,640102,160556,600Additional information regarding ICE Drilling's activities during 2023:1. Loss on sale of equipment is $9.680.2. Paid $68,480 to reduce a long-term note payable.3. Equipment costing $96,000, with accumulated depreciation of $54,000, is sold for cash.4. Equipment costing $214,080 is purchased by paying cash of $54,200 and signing a long-term note payable for the balance.5. Borrowed $8,400 by signing a short-term note payable.6. Issued 10,080 common shares for cash at $10 per share.7. Declared and paid cash dividends of $137,360.13,000237,400Required:Prepare a statement of cash flows for 2023 that reports the cash inflows and outflows from operating activities according to theindirect method. (List any deduction In cash and cash outflows as negative amounts.)89,560285,4405,000118,600341,000232, 200Adjustments to reconcile profit to net cash inflows from operating activities:ICE DRILLING INC.Statement of Cash FlowsFor Year Ended December 31, 2023$$000 Analysis Component:Merchandise Inventory, Prepaid Expenses, Notes Payable, and Common Shares are some of the accounts that changed during 2023.Indicate what transactions likely caused each of these accounts to increase and/or decrease. (You may select more than one answer.Single click the box with the question mark to produce a check mark for a correct answer and double click the box with thequestion mark to empty the box for a wrong answer.)Merchandise inventory:Increases caused by the purchase of merchandisedecreases caused by the purchase of merchandisedecreases caused by the sale of merchandiseIncreases caused by the sale of merchandisePrepaid expenses:Increases caused by the purchase of prepaid items, that is, such as the payment of rent or Insurance in advancedecreases caused by the use of prepaid expensesdecreases caused by the purchase of prepaid Items, that is, such as the payment of rent or Insurance in advanceIncreases caused by the use of prepaid expensesNotes payable:increases caused by the Issuance of debt (borrowing)decreases caused by principal paymentsdecreases caused by the Issuance of debt (borrowing)increases caused by principal paymentsCommon shares:Increases caused by the Issuance of shares and/or share dividendsdecreases caused by the repurchase and/or cancellation of sharesdecreases caused by the issuance of shares and/or share dividendsincreases caused by the repurchase and/or cancellation of shares

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ICE Drilling Inc. Income Statement For Year Ended December 31, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Loss on sale of equipment. Profit before taxes Income taxes Profit 33,000 303,960 $1,109,800 551,000 $ 558,800 336,960 $ 221,840 9,680 $ 212,160 25,360 $ 186,800

ICE Drilling Inc. Income Statement For Year Ended December 31, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Loss on sale of equipment. Profit before taxes Income taxes Profit 33,000 303,960 $1,109,800 551,000 $ 558,800 336,960 $ 221,840 9,680 $ 212,160 25,360 $ 186,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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