Refer to the information presented for Coyote Ltd. in P17-5A.

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 was reporting under IFRS instead of ASPE.

Transcribed Image Text:

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