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274 Q1. a) From the following information prepare statement of cash flows using indirect nu.. following common approach w.r.t US GAAP/IFRS. Income Statement Clark Corporation 12/31/2003 Net Sales $810,000 Cost of Goods Sold (460,000) Gross Margin 350,000 Misc Operating Expenses 175,500 Depreciation Expense Machinery 20,000 Depreciation Expense Building 10,000 Page 1 of 4 Income before income tax Income tax expense Net income (205,500) 144,500 (69,500) 75,000 12/31/03 $ 60000 580000 Comparative Balance Sheet Clark Corporation 12/31/02 $ Liabilities 50000 Ordinary Share $20 Par 475000 Share Premium 12/31/03 12/31/02 $ $ 400000 350000 55000 45000 Assets Land Building Accumulated Depreciation Building -225000 154100 119100 -215000 Retained Earnings Mortgage Liability due 310000 10 years 330000 100000 0 Machinery Accumulated Depreciation Machinery Inventory Prepaid Expense Debtors Cash -131000 48000 4100 41000 46000 32500 4500 7000 37000 7500 5000 -185000 Creditors 51000 Accrued Wages 3700 Tax Payable 45000 28900 Total liabilities and 563600 equity Total Assets 753100 753100 563600 Additional Information: i. Dividends of $40000 were declared during the year. ii. Machinery with an original cost of $80000 and Accumulated Depreciation $74000 was sold during the year for $6000. New machinery was also purchased for cash $100000. iii. Land and Building were acquired during the year at a cost of $115000. In addition to a down payment of $15000, a ten year 6% mortgage note of $100000 was issued to the seller iv. Ordinary share having par of $50000 were issued for $60000 cash. b) Discuss significance of statement of cash flows. Does it depends upon nature of business