Coyote Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2014 and 2013.

Additional information:
1. Profit for 2014 was $108,000.
2. Common shares were issued for $50,000.
3. Land with a cost of $50,000 was sold at a loss of $20,000.
4. Purchased land with a cost of $100,000 with a $55,000 down payment and financed the remainder with a mortgage note payable.
5. No equipment was sold during 2014.
Instructions
Prepare a cash flow statement for the year using the indirect method.
TAKING IT FURTHER Is it unfavourable for a company to have a net cash outflow from financing activities?

COYOTE LTD. Balance Sheet May 31 Assets Accounts receivable ses Accumulated depreciation Liabilities and Shareholders' Equity Dividends payable Retained earnings Total liabilities and shareholders equity $511,500