The comparative balance sheet for Storm Adventures Ltd., a private company reporting under ASPE, follows:

Additional information:
1. Profit for 2014 was $69,900.
2. Bonds payable of $60,000 were retired at maturity.
3. Common shares were issued for $40,000.
4. Land was sold at a loss of $10,000.
5. No equipment was sold during 2014.
6. Net sales for the year were $678,000.
7. Cost of goods sold for the year was $439,800.
8. Operating expenses (not including depreciation expense) were $80,000.
9. Interest expense was $5,000.
10. Income tax expense was $23,300.
Instructions
Prepare a cash flow statement using (a) the indirect method or (b) the direct method, as assigned by your instructor.

STORM ADVENTURES LTD Balance Sheet December 31 Accounts receivable Accumulated depreciation Liabilities and Shareholders' Equit 6 Income taxes payable Total liabilities and shareholders' equity