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Assignment 6 - Chapter 9, 10 Com 204-Fall 2021 L Total Marks: 68.50 Question 1 Gold Company uses the indirect method to prepare its statement of cash flows. Please refer to the following information for the year 2020. (26 marks) Gold Company Balance Sheet December 31, 2020 Cash Accounts receivable Inventory Property, Plant & Equipment (net) Total assets 2020 $ 11,500 15,500 27,500 60,000 $ 114,500 2019 $ 9,000 17,000 31,000 45,000 $ 102,000 Change $ 2,500 (1,500) (3,500) 15,000 $ 12,500 Accounts payable Accrued liabilities Long-term notes payable Total liabilities 2,000 1,000 42,000 $ 45,000 3,000 750 38,000 $ 41,750 (1,000) 250 4,000 $ 3,250 Common shares Retained earnings Total equity 21,000 48,500 $ 69,500 8,500 51,750 $ 60,250 12,500 (3250) $ 9,250 Total liabilities and equity $ 114,500 $60,250 $ 12,500 Assignment 6 - Chapter 9, 10 Com 204 -Fall 2021 Question 1 (con't) Gold Company Income Statement For the Year Ended December 31, 2020 $ 120,000 500 2,000 $ 122,500 Revenues and gains: Sales revenue Interest revenue Gain on sale of plant assets Total revenues Expenses: Cost of goods sold Salary expense Depreciation expense Other operating expenses Interest expense Income tax expense Total expenses Net income $ 55,000 22,500 6,000 11,500 500 2,5001 98,000 $ 24,500 Gold Company Statement of Retained Earnings For the Year Ended December 31, 2020 Retained earnings, January 1, 2020 Net income Dividends Retained earnings, December 31, 2020 $ 27,000 24,500 (5,000 $ 46,500 Additional information provided: Equipment costing $27,000 was purchased for cash. Equipment with a net asset value of $5,000 was sold for $7,000 During 2020, the company repaid $20,000 of long-term notes payable. During 2020, the company borrowed $17,000 on a new note payable During 2020, the company sold common shares for $12,500 The company traded common shares for a building valued at $75,000 . Prepare a statement of cash flows in good form assuming that Avatar Company uses the indirect method including any noncash investing and financing activities Assignment 6 - Chapter 9, 10 Com 204-Fall 2021 Com Question 1 (con't)