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Ayayai Inc., a major retailer of high-end office furniture, operates sever The comparative statement of financial position and income statement Ayayai Inc. Statement of Financial

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Ayayai Inc., a major retailer of high-end office furniture, operates sever The comparative statement of financial position and income statement Ayayai Inc. Statement of Financial Position May 31, 2020, and May 31, 2019 2020 2019 Assets Cash $ 43,000 $ 20,000 Accounts receivable 74,000 55,000 Inventory 188,000 195,000 Prepaid insurance 8,500 6,000 Total current assets 313,500 276,000 Plant assets 580,000 501,000 Less: Accumulated depreciation 145,000 120,000 Net plant assets 435,000 381,000 Total assets $748,500 $657,000 Liabilities and Shareholders' Equity Accounts payable $122,000 $114,000 Salaries and wages payable 10,500 12,000 Interest payable 4,500 2,500 Total current liabilities 137.000 128,500 Mortgage payable 70,000 100.000 Total liabilities 207.000 228,500 Shareholders' equity Common shares 405,000 350,000 Retained earnings 136,500 78.500 541 500 428,500 Total shareholders' equity Total liabilities and shareholders equity $748,500 5657.000 Buvainc Ayayal Inc. Income Statement For the Year Ended May 31, 2020 Sales $930,000 Cost of goods sold 410,000 Gross margin 520,000 Expenses Salaries and wages expense 207,000 Other operating expenses 120,000 Depreciation expense 25,000 Total operating expenses 352,000 Operating income 168,000 Interest expense 26,000 Income before income tax 142,000 Income tax expense 54,000 Net earnings $ 88,000 The following is additional Information about trar The following is additional information about transactions during the year ended May 31, 2020 for Ayayai Inc., which follows IFRS 1. Plant assets costing $79,000 were purchased by paying $54,000 in cash and issuing 5,000 common shares. 2. In order to supplement its cash, Avayal Issued 4,000 additional common shares. Cash dividends of $30.000 were declared and paid at the end of the fiscal year. Dividends pald are treated as financing activities 3. Palu die redted as financing Prepare a statement of cash flows for Ayayai Inc. for the year ended May 31, 2020 using the direct method. (Show amounts -15,000 or in parenthesis e.g. (15,000).) Ayayai INC. Statement of Cash Flows (Direct Method) to > > 5 Schedule of non-cash investing and financing activities Using the indirect method, calculate only the net cash flow from operating activities for Ayayal Inc. for the year ended May 31, 2020. (Show with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Ayayai INC. Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities

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