Question: Please answer both questions ((don't have much questions left)) Use the following Financial statements to answer: Great Lakes Manufacturing Inc. comparative Statement of Financial Position

Please answer both questions ((don't have much questions left))

Please answer both questions ((don't have much questions left)) Use the followingFinancial statements to answer: Great Lakes Manufacturing Inc. comparative Statement of Financial

Use the following Financial statements to answer: Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation - equipment Total Assets 20X5 20X4 $ 5, 100 $ 4,800 $ 9,010 $ 6,100 $ 10,400 $ 14,000 $ 1,950 $ 1,020 $ 58,500 $ 59,900 $(33,100) $ (32,000) $ 51,860 $ 53,820 Account Payable $ 7,000 Interest Payable $ 350 Income taxes payable $ 650 Dividends Payable $ 2,400 Long-term Notes Payable $ 17,500 Common shares $ 22,000 Retained Earnings $ 1,960 Total Liabilities & Shareholders' Equity $ 51,860 $ 11,400 $ 110 $ 500 $ 3,200 $ 17,000 $ 20,000 $ 1,610 $ 53,820 Great Lakes Manufacturing Inc. Income Statement Year Ended December 31, 20x5 in (000)'s Sale $130,000 Cost of goods sold $ 97,000 Gross Profit $ 33,000 Operating Expenses $30,000 Gain on Sale of equipment $(1,000) $ 29,000 Profit from Operations $ 4,000 Other expenses Interest Expense $ 200 Profit before Income Tax $ 3,800 Income Tax Expense $ 1,550 Profit $ 2,250 Additional Information: . Operating expenses include depreciation expense of $3,500,000 Acco Payable related to the purchase of inventory Equipment that cost $3,900,000 was sold at a gain of $1,000,000 New equipment was purchased during the year for $2,500,000 Dividends declared and paid in 20X5 totaled $1,900,000 Common shares were sold for $2,000,000 cash Interest payable in 20X5 was $240,000 greater than interest payable in 20X4 . . . What is the Net Cash provided (used) by financing activities when the indirect cash flow method is used? Assume the company uses ASPE. Multiple Choice ($300) $500 ($200) $2,500 None of the other alternatives are correct

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