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Question 1 of 2 10.95/13 III Your answer is partially correct Flint's Custom Clothing (FCC) sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below FLINTS CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2020 2019 Cash 137,000 73,800 Accounts receivable 30.000 24.200 Inventory 67.000 44,200 Prepaid expenses 10.200 3.200 Total current assets 244.200 145.400 Property and equipment Property and equipment 98.000 135.000 Less: Accumulated depreciation 54.500 52.300 Net property and equipment 43.500 82.700 TOTAL ASSETS $287.700 $228,100 Current ilabilities Accounts payable 25.200 33.200 Salaries payable 9.500 5.300 Interest payable 5.000 8.400 Total current liabilities 39.700 46.900 Loan payable 122.000 113,000 Total liabilities 161,700 159.900 Shareholders' equity Common shares 20.900 1,500 Retained earnings 105,100 66.700 Total shareholders' equity 126,000 68.200 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5287,700 $228.100 2019 779.000 564,000 215.000 FLINTS CUSTOM CLOTHING INCOME STATEMENT For the Years Ended December 31 2020 Sales revenue 855,000 Cost of sales 652.000 Gross margin 203.000 Expenses Salary expense 63.000 Interest expense 5.100 Other expenses 8.200 Depreciation expense 31,000 Total expenses 107,300 Operating income 95,700 Loss on disposal of equipment 3.200 Income tax expense 23.925 Net income 68,575 87.000 1.900 6,300 31.800 127.000 88,000 1.000 18.200 68,800 Following is additional information concerning FCC's transactions during the year ended December 31, 2020: Equipment costing $35,000 was purchased by paying $26,000 cash and issuing 400 common shares. Equipment costing $72,000 that was purchased at the beginning of 2019 was sold at the end of 2020 for $40,000. Straight- line depreciation had been used with an expected asset life of 5 years and a residual value of $0. The "other expenses relate to prepaid items. In order to supplement its cash, FCC increased its bank loan by $9.000. Cash dividends of $30,175 were paid at the end of the fiscal year Cost of sales includes $175,000 of direct labour costs. Prepare a statement of cash flows for FCC for the year ended December 31, 2020, using the direct method. CCC follows ASPE. Include any note disclosure on non-cash financing and investing transactions. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000).) Flint's Custom Clothing Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities V Cash Received from Customers 149.200 Cach Paid to Suppliers 507 800 Cash Paid to Employees 249.000 Cahid for interest 6,500 Cash Paid for Tues 23.925 Net Cash Provided by Operating Activities 59,975 Cash Flows from investing Activities Cash Pad for Purchase of Equipment 26.000 Proceeds from Sale of Equiment 40,000 Net Candi Provided by vesting Activities V 14,000 Cash Flows from Finance Activities Issuance of Common Shares 10,400 Payment of Dividends 30.175 Increase in Bank Loan Payable 9.000 NetCash Used by Financing Activities 10.775 Increase in Cash 63.200 Opening Cash Balance 73.800 Closing Cash Balance 137.000 In-cash investing and financing activities Issuance of Common Shares in Partial Payment for Equipment V 9,000