1 Function: SUM; Formula: Add, Subtract; Cell Referencing 2 3 BE22.9 - Using Excel to Calculate Operating Cash Flows 4 PROBLEM 5 Azure Ltd. had the following 2020 income statement data: Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references with mathematical formulas to the Problem area or work area as indicated to calculate any amounts not given. Use the SUM function with cell references to any amounts that require adding. 6 7 8 $ 205,000 120,000 85,000 9 10 11 Sales revenue Cost of goods sold Gross profit Operating expenses without depreciation Depreciation expense Income before income taxes Income taxes $ 29,000 21,000 (a) Prepare the cash flows from operating activities section of Azure's 2020 statement of cash flows using the direct method and following IFRS. 12 13 50,000 35,000 15,000 $ 20,000 14 Net income 15 16 The following accounts increased during 2020: 17 18 Accounts receivable 19 Inventory 20 Accounts payable (related to inventory) 21 Taxes payable 22 Mortgage payable 23 Cash flows from operating activities Cash received from customers Cash paid: To suppliers For operating expenses For income taxes Net cash provided by operating activities $ 17,000 11,000 13,000 2,000 40,000 (b) How would the disclosure requirements differ under ASPE? The amount of taxes paid need not be disclosed under ASPE. 24 25 26