The following is a comparative SFP position and income statement for Culver Corporation: Culver Corporation Statement...

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The following is a comparative SFP position and income statement for Culver Corporation: Culver Corporation Statement of Financial Position As at September 30 Assets 2023 2022 Cash $94,750 $128,550 Accounts receivable 106,450 81.550 Inventory 111.650 227,850 Prepaid operating expenses 25,250 19.150 Long term investments 251.150 122,750 Equipment 1,419.100 1,321,100 Less: Accumulated depreciation (520,000) (450,000) $1,488,350 $1,450,950 Liabilities and Shareholders' Equity Liabilities and Shareholders' Equity $1,488,350 $1,450,950 Accounts payable Income tax payable $74,150 $82,150 21,550 14,550 Bonds payable 900,100 950,100 Common shares 200,950 140,550 Retained earnings 291,600 263,600 $1,488,350 $1,450,950 Culver Corporation Income Statement For the year ended September 30, 2023 Sales revenue $892,500 Cost of goods sold 625,000 Gross profit 267,500 Operating expenses 185,000 Gross profit 267,500 Operating expenses 185,000 Income from operations 82,500 Interest expense 3,000 Gain on disposal of equipment 2,400 Income before income tax 81,900 Income tax expense 32,000 Net income $49,900 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 $100,000 was sold for cash. The equipment was 60% 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 Culver Corporation, using the direct method. Culver Corporation follows ASPE (Show amounts that decrease cash flow with either a negative sign eg.-15,000 or in parenthesis e.g. (15,000).) Culver Corporation Statement of Cash Flows Search The following is a comparative SFP position and income statement for Culver Corporation: Culver Corporation Statement of Financial Position As at September 30 Assets 2023 2022 Cash $94,750 $128,550 Accounts receivable 106,450 81.550 Inventory 111.650 227,850 Prepaid operating expenses 25,250 19.150 Long term investments 251.150 122,750 Equipment 1,419.100 1,321,100 Less: Accumulated depreciation (520,000) (450,000) $1,488,350 $1,450,950 Liabilities and Shareholders' Equity Liabilities and Shareholders' Equity $1,488,350 $1,450,950 Accounts payable Income tax payable $74,150 $82,150 21,550 14,550 Bonds payable 900,100 950,100 Common shares 200,950 140,550 Retained earnings 291,600 263,600 $1,488,350 $1,450,950 Culver Corporation Income Statement For the year ended September 30, 2023 Sales revenue $892,500 Cost of goods sold 625,000 Gross profit 267,500 Operating expenses 185,000 Gross profit 267,500 Operating expenses 185,000 Income from operations 82,500 Interest expense 3,000 Gain on disposal of equipment 2,400 Income before income tax 81,900 Income tax expense 32,000 Net income $49,900 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 $100,000 was sold for cash. The equipment was 60% 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 Culver Corporation, using the direct method. Culver Corporation follows ASPE (Show amounts that decrease cash flow with either a negative sign eg.-15,000 or in parenthesis e.g. (15,000).) Culver Corporation Statement of Cash Flows Search