3 of 6 (1 complete) and ad Balance sheet on to v ment fol menty ash flow bes or 2019 96,400 166,000 15,500 467,600 White Bay Inc. Balance Sheet September 30, 2020 and 2019 Assets 2020 Current assets Cash $ 208,000 $ Accounts receivable 171,000 Interest receivable 17,000 Inventories 500,000 Prepaid expenses 37,000 Long-term investments 218,000 Plant and equipment, net 529,000 194,000 Land $ 1,874,000 $ Total assets Liabilities Current liabilities Note payable, short-term 48,000 $ Accounts payable 249,000 Income tax payable 51,000 41,000 65,000 418,000 305,000 1,574,500 0 281,200 50,000 ext ques Print Done 3 of 6 (1 complete) nd ad Balance sheet to v ent fol enty 500,000 37,000 Inventories Prepaid expenses Long-term investments Plant and equipment, net 467,600 41,000 65,000 418,000 305,000 218,000 529,000 194,000 sh flo ses or Land 1.874,000 $ 1,574,500 Total assets Liabilities 48,000 $ 0 249,000 281,200 50,000 51,000 81,000 132,000 16,500 Current liabilities Note payable, short-term Accounts payable Income tax payable Accrued liabilities Interest payable Salaries payable Long-term note payable Shareholders' Equity Common shares Retained earnings Total liabilities and shareholders' equity 22,500 7,500 500,000 6,200 539,000 549,000 366,000 350,000 199,600 1,874,000 $ 1,574,500 Et ques Print Done itional data are shown below. -w the additional data.) the year ended September 30, 2020, using the indirect method. u created in Requirement 1. additional data se Other information for the year ended September 30, 2020 that may be needed includes: a. Acquired equipment by issuing a long-term note payable, $103,000, and paying $8,000 cash. b. Paid long-term note payable, $142,000. C. Received $199,000 cash for issuance of common shares. d. Paid cash dividends, $133,000. e. Acquired equipment by issuing short-term note payable, $48,000. f. Net income, $299,400. g. Amortization expense, $48,000. h. Gain on sale of land, $46,000. Print Done stion. Bay Inc.'s comparative balance sheet at September 30, 2020 and additional data are shown below. (Click the icon to view the balance sheet) Click the icon to view the additional data.) quired Prepare White Bay Inc.'s operating section of the cash flow statement for the year ended September 30, 2020, using the indirect method. Describe how the direct method would differ from the partial statement you created in Requirement 1. equirement 1. Prepare White Bay Inc.'s operating section of the cash flow statement for the year ended September 30, 2020, using the Indirect method. (Use parentheses or a minus sign for numbers to be subtracted) White Bay Inc. Cash Flow Statement For the Year Ended September 30, 2020 Cash flows from operating activities Net Income Add subtract) items that affect net income and cash flow differently Amortization expense Gain on sale of land Increase in accounts receivable Increase in interest receivable Increase in inventory Decrease in prepaid expenses Decrease in accounts payable Increase in income tax payable Decrease in accrued as Enter any number in the edit fields and then continue to the next question 288 esc % $ 4 8 9 0 6 7 3 5 2 Net Income Add (subtract) items that affect net income and cash flow differently Amortization expense Gain on sale of land Increase in accounts receivable Increase in interest receivable Increase in inventory Decrease in prepaid expenses Decrease in accounts payable Increase in income tax payable Decrease in accrued liabilities Increase in interest payable Increase in salaries payable Net cash inflow from operating activities Requirement 2. Describe how the direct method would differ from the partial statement you created in Requirement 1. The method would result in the same total net cash inflows from operating activities but it would be presented in terms of Enter any number in the edit fields and then continue to the next question MacBook Air esc 80 888 go Du F6 @ $ 1 2 3 % 5 & 7 4 6 8 9