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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Expert Solution

ekkarill92 answered 7 months ago

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