Carla Vista Shoes’ comparative balance sheet is presented below. Carla Vista reports under ASPE. CARLA VISTA...

Carla Vista Shoes’ comparative balance sheet is presented below. Carla Vista reports under ASPE.

CARLA VISTA SHOES Balance Sheet December 31
Assets	2021		2020
Cash	$25,380		$15,930
Accounts receivable	21,780		20,070
Long-term investments	20,700		14,400
Equipment	54,000		63,000
Accumulated depreciation—equipment	(12,600	)	(9,000	)
Total	$109,260		$104,400
Liabilities and Shareholders’ Equity
Accounts payable	$17,640		$9,990
Notes payable	9,000		27,000
Common shares	54,000		40,500
Retained earnings	28,620		26,910
Total	$109,260		$104,400

Additional Information:
1.		Profit was $25,470. Dividends declared and paid were $23,760.
2.		Equipment that cost $9,000 and had accumulated depreciation of $1,080 was sold for $3,870.
3.		All other changes in non-current account balances had a direct effect on cash flows, except the change in accumulated depreciation.

Prepare a statement of cash flows for 2021 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

please do mention how to find the amounts?

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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