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Question 26 Monty Inc., a major retailer of high-end office furniture, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative statement of financial position and income statement for Monty as at May 31, 2020, are as follows: Monty Inc. Statement of Financial Position May 31, 2020, and May 31, 2019 2020 2019 Assets Cash $ 59,200 $ 23,100 Accounts receivable 77,000 55,400 Inventory 188,100 199,000 Prepaid insurance 8,700 6,800 Total current assets 333,000 284,300 Plant assets 581,000 512,000 Less: Accumulated depreciation 145,300 120,300 Net plant assets 435,700 391,700 Total assets $768,700 $676,000 Liabilities and Shareholders' Equity Accounts payable $ 122,000 $114,200 Salaries and wages payable 11,200 12,900 Interest payable 5,100 2,500 Total current liabilities 138,300 129,600 Mortgage payable 83,000 100,000 Total liabilities 221,300 229,600 Shareholders' equity Common shares 405,000 370,000 Retained earnings 142,400 76,400 Total shareholders' equity 547,400 446,400 Total liabilities and shareholders' equity $768,700 $676,000 Monty Inc. Income Statement For the Year Ended May 31, 2020 Sales $960,000 Cost of goods sold 422,000 Gross margin 538,000 Expenses Salaries and wages expense 208,900 Other operating expenses 121,600 Depreciation expense 25,000 Total operating expenses 355,500 Operating income 182,500 Interest expense 26,100 Income before income tax 156,400 Income tax expense 55,400 Net earnings $ 101,000 The following is additional information about transactions during the year ended May 31, 2020 for Monty Inc., which follows IFRS. 1. 2. 3. Plant assets costing $69,000 were purchased by paying $47,000 in cash and issuing 5,000 common shares. In order to supplement its cash, Monty issued 4,000 additional common shares. Cash dividends of $35,000 were declared and paid at the end of the fiscal year. Prepare a statement of cash flows for Monty Inc. for the year ended May 31, 2020 using the direct method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) Monty INC. Statement of Cash Flows (Direct Method) Schedule of non-cash investing and financing activities Using the indirect method, calculate only the net cash flow from operating activities for Monty Inc. for the year ended May 31, 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Monty INC. Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities