Reference no: EM132725645
Crane Ltd., which follows ASPE, had the following comparative Statement of Financial Position: Crane Ltd. Comparative Statement of Financial Position March 31
Assets 2021 2020
Cash $ 12,920 $ 9,120
Accounts receivable 45,600 30,400
Inventory 63,840 53,200
Prepaid expenses 4,560 3,040
Property, plant, and equipment 190,000 159,600
Accumulated depreciation (45,600 ) (36,480 )
Total assets $ 271,320 $ 218,880
Liabilities and Shareholders' Equity
Accounts payable $ 26,600 $ 30,400
Interest payable 2,280 3,040
Income taxes payable 16,720 9,120
Bonds payable 68,400 48,640
Common shares 72,200 60,800
Retained earnings 85,120 66,880
Total liabilities and shareholders' equity $ 271,320 $ 218,880
Additional information:
1, Net income for the fiscal year was $28,880,
2. Equipment with an original cost of $22,800 was sold for $9,120 cash during 2021.
The equipment was depreciated $9,120. This disposal resulted in a $4,560 loss.
Problem 1: Prepare the statement of cash flows using the indirect format.
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