Coyote Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2014 and 2013.

Additional information:
1. Profit for 2014 was $108,000.
2. Common shares were issued for $50,000.
3. Land with a cost of $50,000 was sold at a loss of $20,000.
4. Purchased land with a cost of $100,000 with a $55,000 down payment and financed the remainder with a mortgage note payable.
5. No equipment was sold during 2014.
Instructions
Prepare a cash flow statement for the year using the indirect method.
TAKING IT FURTHER Is it unfavourable for a company to have a net cash outflow from financing activities?

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COYOTE LTD. Balance Sheet May 31 Assets Accounts receivable ses Accumulated depreciation Liabilities and Shareholders' Equity Dividends payable Retained earnings Total liabilities and shareholders equity $511,500