Refer to the information presented for Coyote Ltd. in P17-7A.

Additional information:
1. Net sales for the year were $673,250.
2. Cost of goods sold for the year was $403,950.
3. Operating expenses, including depreciation expense, were $100,300.
4. Interest expense was $5,000.
5. Income tax expense was $36,000.
6. Accounts payable is used for merchandise purchases.
Instructions
Prepare a cash flow statement for the year using the direct method.
TAKING IT FURTHER
Indicate what transactions might be classified differently if the company were reporting under IFRS instead of ASPE.

Transcribed Image Text:

COYOTE LTD. Balance Sheet May 31 3 Accounts receivable Accumulated depreciation Liabilities and Shareholders' Equit Accounts payable Income taxes payable 1 2 Total liabilities and shareholders' equity