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Carla Vista Ltd., a private company reporting under ASPE, reported the following for the years ended...

Carla Vista Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020.

CARLA VISTA LTD.
Balance Sheet
May 31
Assets 2021 2020
Cash $25,100 $46,750
Accounts receivable 88,650 78,750
Inventory 184,000 159,750
Prepaid expenses 5,900 7,400
Land 135,750 79,500
Equipment 319,000 199,000
Accumulated depreciation (77,200 ) (39,750 )
    Total assets $681,200 $531,400
Liabilities and Shareholders’ Equity
Accounts payable $42,850 $39,750
Dividends payable 7,400 5,900
Income taxes payable 3,100 6,900
Mortgage payable 131,000 79,750
Common shares 218,500 165,750
Retained earnings 278,350 233,350
    Total liabilities and shareholders’ equity $681,200 $531,400
Additional Information:
1. Profit for 2021 was $107,750.
2. Common shares were issued for $52,750.
3. Land with a cost of $52,750 was sold at a loss of $19,900.
4. Purchased land with a cost of $109,000 with a $57,750 down payment and financed the remainder with a mortgage note payable.
5. No equipment was sold during 2021.


Prepare a cash flow statement for the year using the indirect method

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ekkarill92 answered 2 years ago
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