Using the indirect method and a worksheet, prepare the statement of cash flows for Coopie Awards. Access the financials and template to complete your work here. After completing the statement of cash flows, answer the following questions on the linked spreadsheet:

What is the cash conversion cycle for Coopie Awards? What does the cash conversion cycle indicate for Coopie Awards?

What can you surmise about the free cash flows for Coopie Awards?

What is the cash flow on assets for Coopie Awards? Explain what the cash flow on assets might indicate about Coopie Awards. $\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$c$|\}\{\backslash$begin$\{$tabular$\}\{$l$\}$

Coopie Awards $\backslash \backslash$

Comparative Income Statement $\backslash \backslash$

For the Year Ended $20$XX

$\backslash$end$\{$tabular$\}\}\backslash \backslash$

$\backslash$hline & $\backslash$multicolumn$\{2\}\{|$c$|\}\{20$xX$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Revenues:$\}\backslash \backslash$

$\backslash$hline sales & & $1,100,000\backslash \backslash$

$\backslash$hline Cost of Goods Sold & & $710,000\backslash \backslash$

$\backslash$hline Gross Profit & & $390,000\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Operating Expenses:$\}\backslash \backslash$

$\backslash$hline Depreciation & $23,500$ & $\backslash \backslash$

$\backslash$hline Patent Amortization & $7,000$ & $\backslash \backslash$

$\backslash$hline Other operating expenses & $196,000$ & $\backslash \backslash$

$\backslash$hline Total Operating Expenses: & & $226,500\backslash \backslash$

$\backslash$hline Income from operations & & $163,500\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Other Income:$\}\backslash \backslash$

$\backslash$hline Gain on sale of investments & $11,000$ & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Other Expenses:$\}\backslash \backslash$

$\backslash$hline Interest Expense & $26,000$ & $-15,000\backslash \backslash$

$\backslash$hline Income before income tax & & $148,500\backslash \backslash$

$\backslash$hline Income tax expense & & $50,000\backslash \backslash$

$\backslash$hline Net Income & & $98,500\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

e accounting records revealed the following for $20$XX:

was sold for $\backslash$$$15,000$

issued for $\backslash (\backslash$$ $40,000\backslash )$

$15,000$ was constructed

non stock were issued at $40$ in exchange for the bonds payable