Question: Prepare the statement of cash flows using the indirect method Prepare the statement of cash flows using the indirect method Prepare the statement of cash

Prepare the statement of cash flows using the indirect method

cash flows using the indirect method Prepare the statement of cash flows

Prepare the statement of cash flows using the indirect method

using the indirect method The comparative unclassified statement of financial position for

Prepare the statement of cash flows using the indirect method

The comparative unclassified statement of financial position for Sunland Ltd. follows: Additional information pertaining to 2024 : 1. Net income was $88,700. 2. Sales were $970,000. 3. Cost of goods sold was $758,000. 4. Operating expenses were $44,000, exclusive of depreciation expense. 5. Depreciation expense was $42,000. 6. Interest expense was $14,000. 7. Income tax expense was $29,000. Long-term investments were sold at a gain of $5,700. These investments are carried at their cost, so gains and losses on 8. these investments are recorded only when the investments are sold. 9. No equipment was sold during the year. 10. $64,000 of the bank loan was repaid during the year. 11. Common shares were issued for $48,000. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. 45,000, pr in parenthesis e.g. (45,000).)

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