Additional Problem 13

Metlock Inc. reported the following information at the end of its 2019 fiscal year.

Metlock Inc. Statement of Financial Position As at April 30
Assets			2020			2019
	Cash		208,000			152,000
	Accounts receivable		111,000			93,000
	Inventory		111,000			250,000
	Prepaid operating expenses		20,000			13,000
	Long term investments		183,000			87,000
	Equipment		1,215,000			1,160,000
	Less: Accumulated depreciation		(367,000	)		(372,000	)
			1,481,000			1,383,000
Liabilities and Shareholders' Equity
	Accounts payable		52,000			65,000
	Income tax payable		30,000			27,000
	Bonds payable		673,000			760,000
	Common shares		291,000			247,000
	Retained earnings		435,000			284,000
			1,481,000			1,383,000

Metlock Inc. Income Statement For the year ended April 30, 2020
Sales revenue		1,106,000
Cost of goods sold		687,000
Gross profit		419,000
Operating expenses		230,000
Income from operations		189,000
Interest expense		4,800
Gain on disposal of equipment		3,600
Income before income tax		187,800
Income tax expense		18,910
Net income		$168,890

ADDITIONAL INFORMATION:

		Depreciation expense is included in operating expenses. All accounts payable transactions were related to the purchase of inventory.
		During the year, a piece of equipment that originally cost $49,400 was sold for cash. The equipment was 70% depreciated at the time of the sale.
		Long-term investments were purchased for cash during the year.

Prepare a statement of cash flows, in good form, for Metlock Inc., using the direct method. Metlock Inc. follows ASPE.