a) prepare a statement of cash flows using the indirect method

b) using the data above, prepare the operating section of the statement of cash flows using the direct method.

Question 3. (25 marks) Juneau Corporation Income Statement Year Ended December 31, 2019 $ Sales Cost of Goods Sold Gross profit Operating expenses Depreciation expense Income from operations Other revenues and gains Dividend revenue Gain on sale of long term investment 210,000 87,500 122,500 95,900 10,500 16, 100 $ 1,575 5,250 ho 6,825 22,925 1,050 3,500 Other expenses and losses Loss on sale of equipment Interest expense Income before income tax Income tax Net income 4,550 18,375 4,375 14,000 $ Wanan Juneau Corporation Balance Sheet December 31, 2019 2019 2018 $ 1,750 $ 7,875 33,250 1,225 44,100 1,400 5,425 28,000 1,050 35,875 Assets Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Long term assets Long term investments Land Buildings Accumulated depreciation Equipment Accumulated depreciation Total longterm assets Total assets 17,500 15,750 100,000 61,500 36,750 10,500 98,000 142,100 $ 21,000 7,000 100,000 58,000 28,000 7,000 91,000 126,875 $ Liabilities and Shareholder's Equity Current liabilities Accounts payable Accrued liabilities $ 15,750 $ 9,275 17,500 7,350 Cal Total assess LZWT ZO, 15 $ 15,750 $ 9,275 1,225 26,250 17,500 7,350 1,400 26,250 Liabilities and Shareholder's Equity Current liabilities Accounts payable Accrued liabilities Interest payable Current liabilities Long term liabilities Notes payable Bonds payable Total liabilities Shareholder's Equity Common shares Retained earnings Total shareholder's equity Total liabilities and shareholder's equity 8,750 43,750 78,750 6,125 38,500 70,875 24,500 38,850 63,350 142,100 $ 24,500 31,500 56,000 126,875 $ Juneau Corporation provided the following information related to 2019. During 2019, the following occurred: During 2019, dividends were paid. Long-term investments were sold for $8,750 and that amount less the gain of $5,250 was removed from the investments account. Juneau Corporation provided the following information related to 2019. 5 During 2019, the following occurred: During 2019, dividends were paid. Long-term investments were sold for $8,750 and that amount less the gain of $5,250 was removed from the investments account. Land was purchased for $8,750 and Juneau borrowed the money by signing a short-term note payable for that amount. Notes payable (short-term) were also repaid. Equipment with a historical cost of $7,000 and accumulated depreciation of $3,500 was sold for a loss. New equipment was purchased during the year. Bonds were issued for $5,250. Instructions: Prepare a statement of cash flows using the indirect method. Question 4. (15 marks) Licing the data fram tha martinc caction ofthe statement of cash flow o OnTrack Log in - WES.org Log in to your PayP... Vuar podle GC Search Courses English (en) s During 2019, dividends were paid. Long-term investments were sold for $8,750 and that amount less the gain of $5,250 was removed from the investments account. Land was purchased for $8,750 and Juneau borrowed the money by signing a short-term note payable for that amount. Notes payable (short-term) were also repaid. Equipment with a historical cost of $7,000 and accumulated depreciation of $3,500 was sold for a loss. New equipment was purchased during the year. Bonds were issued for $5,250. Instructions: Prepare a statement of cash flows using the indirect method. Question 4. (15 marks) Using the data from Question 3, prepare the operating section of the statement of cash flows using the direct method