The comparative statement of financial position for Blossom Retailers Ltd. follows: Blossom Retailers Ltd. Statement of...

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The comparative statement of financial position for Blossom Retailers Ltd. follows: Blossom Retailers Ltd. Statement of Financial Position December 31 Assets 2024 2023 Cash $0 $17,000 Accounts receivable 82,000 54,000 Inventory 219,000 165,000 Furniture 129,000 162,000 Accumulated depreciation Total assets Liabilities and Shareholders' Equity (33,000) (44,000) $397,000 $354,000 Bank indebtedness $15,000 $0 Accounts payable 66,000 46,000 Bank loan payable (non-current) 90,000 101,000 Common shares 48,000 58,000 Retained earnings 178,000 149,000 Total liabilities and shareholders' equity $397,000 $354,000 Additional information regarding 2024: 1. Net income was $34,000. 2. 3. Depreciation expense was $18,000. During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $7,000, which resulted in a gain on 4. 5. During the year, the company did not purchase furniture but did sell some furniture for $7,000, which resulted in a gain on disposal of $3,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued. 6. During the year, the company paid all dividends declared. (a) Prepare a statement of cash flows using the indirect method for 2024. (Show amounts that decrease cash flow with either a-sign es -15,000 or in parenthesis eg. (15,000).) BLOSSOM RETAILERS LTD. Statement of Cash Flows Adjustments to reconcile net income to SA 1A The comparative statement of financial position for Blossom Retailers Ltd. follows: Blossom Retailers Ltd. Statement of Financial Position December 31 Assets 2024 2023 Cash $0 $17,000 Accounts receivable 82,000 54,000 Inventory 219,000 165,000 Furniture 129,000 162,000 Accumulated depreciation Total assets Liabilities and Shareholders' Equity (33,000) (44,000) $397,000 $354,000 Bank indebtedness $15,000 $0 Accounts payable 66,000 46,000 Bank loan payable (non-current) 90,000 101,000 Common shares 48,000 58,000 Retained earnings 178,000 149,000 Total liabilities and shareholders' equity $397,000 $354,000 Additional information regarding 2024: 1. Net income was $34,000. 2. 3. Depreciation expense was $18,000. During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $7,000, which resulted in a gain on 4. 5. During the year, the company did not purchase furniture but did sell some furniture for $7,000, which resulted in a gain on disposal of $3,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued. 6. During the year, the company paid all dividends declared. (a) Prepare a statement of cash flows using the indirect method for 2024. (Show amounts that decrease cash flow with either a-sign es -15,000 or in parenthesis eg. (15,000).) BLOSSOM RETAILERS LTD. Statement of Cash Flows Adjustments to reconcile net income to SA 1A