The following details have been provided by Osheaga Ltd. for the year ended December 31, 2023....

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The following details have been provided by Osheaga Ltd. for the year ended December 31, 2023. Osheaga Ltd. Income Statement For the Year Ended December 31, 2023 Sales revenue Cost of goods sold Gross profit Operating expenses Depreciation expense Income from operations Loss on sale of copyright Income before income tax ncome tax Net income 1,400,000 600,000 800,000 320,000 40,000 440,000 10,000 430,000 107,500 322,500 Osheaga Ltd. Statements of Financial Position Assets Cash Accounts receivable Inventory Land Property, plant & equipment, Cost Accumulated depreciation Intangible assets - copyright Total Assets Liabilities & Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities & Shareholders' Equity Dec. 31, 2023 150,000 70,000 30,000 125,000 395,000 (200,000) 570,000 50,000 85,000 220,000 215,000 570,000 Dec. 31, 2022 80,000 50,000 55,000 90,000 330,000 (160,000) 48,000 493,000 35,000 64,000 195,000 199,000 493,000 Increase (Decrease) Additional Information: Copyright was sold at loss of the following amount Issued shares for cash during the year Paid cash dividends during the year REQUIRED: Prepare a statement of cash flows using the indirect method. 10,000 25,000 306,500 The following details have been provided by Osheaga Ltd. for the year ended December 31, 2023. Osheaga Ltd. Income Statement For the Year Ended December 31, 2023 Sales revenue Cost of goods sold Gross profit Operating expenses Depreciation expense Income from operations Loss on sale of copyright Income before income tax ncome tax Net income 1,400,000 600,000 800,000 320,000 40,000 440,000 10,000 430,000 107,500 322,500 Osheaga Ltd. Statements of Financial Position Assets Cash Accounts receivable Inventory Land Property, plant & equipment, Cost Accumulated depreciation Intangible assets - copyright Total Assets Liabilities & Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities & Shareholders' Equity Dec. 31, 2023 150,000 70,000 30,000 125,000 395,000 (200,000) 570,000 50,000 85,000 220,000 215,000 570,000 Dec. 31, 2022 80,000 50,000 55,000 90,000 330,000 (160,000) 48,000 493,000 35,000 64,000 195,000 199,000 493,000 Increase (Decrease) Additional Information: Copyright was sold at loss of the following amount Issued shares for cash during the year Paid cash dividends during the year REQUIRED: Prepare a statement of cash flows using the indirect method. 10,000 25,000 306,500 The following details have been provided by Osheaga Ltd. for the year ended December 31, 2023. Osheaga Ltd. Income Statement For the Year Ended December 31, 2023 Sales revenue Cost of goods sold Gross profit Operating expenses Depreciation expense Income from operations Loss on sale of copyright Income before income tax ncome tax Net income 1,400,000 600,000 800,000 320,000 40,000 440,000 10,000 430,000 107,500 322,500 Osheaga Ltd. Statements of Financial Position Assets Cash Accounts receivable Inventory Land Property, plant & equipment, Cost Accumulated depreciation Intangible assets - copyright Total Assets Liabilities & Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities & Shareholders' Equity Dec. 31, 2023 150,000 70,000 30,000 125,000 395,000 (200,000) 570,000 50,000 85,000 220,000 215,000 570,000 Dec. 31, 2022 80,000 50,000 55,000 90,000 330,000 (160,000) 48,000 493,000 35,000 64,000 195,000 199,000 493,000 Increase (Decrease) Additional Information: Copyright was sold at loss of the following amount Issued shares for cash during the year Paid cash dividends during the year REQUIRED: Prepare a statement of cash flows using the indirect method. 10,000 25,000 306,500 The following details have been provided by Osheaga Ltd. for the year ended December 31, 2023. Osheaga Ltd. Income Statement For the Year Ended December 31, 2023 Sales revenue Cost of goods sold Gross profit Operating expenses Depreciation expense Income from operations Loss on sale of copyright Income before income tax ncome tax Net income 1,400,000 600,000 800,000 320,000 40,000 440,000 10,000 430,000 107,500 322,500 Osheaga Ltd. Statements of Financial Position Assets Cash Accounts receivable Inventory Land Property, plant & equipment, Cost Accumulated depreciation Intangible assets - copyright Total Assets Liabilities & Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total liabilities & Shareholders' Equity Dec. 31, 2023 150,000 70,000 30,000 125,000 395,000 (200,000) 570,000 50,000 85,000 220,000 215,000 570,000 Dec. 31, 2022 80,000 50,000 55,000 90,000 330,000 (160,000) 48,000 493,000 35,000 64,000 195,000 199,000 493,000 Increase (Decrease) Additional Information: Copyright was sold at loss of the following amount Issued shares for cash during the year Paid cash dividends during the year REQUIRED: Prepare a statement of cash flows using the indirect method. 10,000 25,000 306,500

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CALCULATIONS Operating Activities Net IncomeDepreciation ExpenseLoss on Sale of Copyright CopyrightI... View the full answer