Additional Problem 12

Cullumber Ltd., which follows ASPE, had the following comparative statement of financial position:

Cullumber Ltd. Comparative Statement of Financial Position As at December 31
Assets			2018				2017
Cash			$	101,680			$	62,000
Accounts receivable				168,640				126,480
Inventories				99,200				148,800
Prepaid insurance				12,400				9,920
Equipment				381,920				322,400
Accumulated depreciation-equipment				(86,800	)			(62,000	)
Patents				99,200				124,000
	Total assets		$	776,240			$	731,600
Liabilities and Shareholders Equity
Accounts payable			$	114,080			$	99,200
Interest payable				9,920				14,880
Wages payable				19,840				9,920
Income taxes payable				19,840				24,800
Long-term note payable				148,800				171,120
Common shares				322,400				322,400
Retained earnings				141,360				89,280
	Total liabilities and shareholders equity		$	776,240			$	731,600

Additional information:

1.		Net income for the fiscal year was $66,960.
2.		Equipment that cost $49,600 and was 70% depreciated was sold during 2018, for a gain of $4,960.
3.		No patents were purchased or sold during the fiscal year.

Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cullumber Ltd.