Canbulld Materials Ltd. is a family-run do-it-yourself building materials company located on Pelee Island, Ontario. The company produces high-quality building materials for the do-it-yourselfers. The company's bookkeeper has gone on holiday and the company has brought you in to help it prepare its monthly financial statement package, which the bank requires as part of the terms of the loan financing. You have correctly completed the statement of financial position and the statement of income statement. You only have the statement of cash flows left to prepare based on the following information: CANBUILD MATERIALS LTD. Comparative Statement of Financial Position Dec 31, 2020 Dec 31, 2019 Assets Cash $19.900 $50,300 Accounts receivable (net) 188,600 119.400 Inventory 166,200 188,700 Total current assets 374,700 358,400 Equipment 179,000 193,100 Accumulated depreciation (138,700) (169.900) Total Assets $415,000 $381,600 Liabilities and shareholders' equity Liabilities and shareholders' equity Current liabilities: Accounts payable $69,600 $67,300 Dividends payable 28,800 24,100 Total current liabilities 98,400 91,400 Long-term loan payable 106,000 106,000 Total liabilities 204,400 197,400 Common shares 110,400 110,400 Retained earnings 100,200 73,800 Total liabilities and shareholders' equity $415,000 $381,600 CANBUILD MATERIALS LTD. Statement of Income For the year ended December 31, 2020 Sales revenue $1,234,800 Cost of goods sold 649,300 CANBUILD MATERIALS LTD. Statement of Income For the year ended December 31, 2020 Sales revenue $1,234,800 Cost of goods sold 649,300 Gross profit 585,500 Expenses Wages expense $220,900 Administrative expenses 45,700 Depreciation expense 98,700 Advertising expense 44,800 Interest expense 12,100 Total expenses 422.200 Net income $ 163,300 Additional information: During fiscal year 2020, Canbuild sold a piece of its equipment. The equipments $30,500 Additional information: During fiscal year 2020, Canbuild sold a piece of its equipment. The equipment sold had originally cost $160,400 and was sold for $30,500 Using the information above, prepare Canbuild's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Canbuild Materials Ltd Statement of Cash Flows, Indirect Method For the Year Ended December 31, 2020 EN Canon Material Statement of Cash Flows, Indirect Method For the Year Ended December 31, 2020 OOOO Ne S 3 4 5 7 8 Q w E R. T T U 4 S D F G H J K K N V B N M. H -/10 Question 6 of 19 + 10 $ Supplemental Cash Flow information: Cash paid for interest BEI Cash paid for interest Determine the cash flows from operating activities 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).) Canbuild Materials Ltd Statement of Cash Flows, Direct Method For the Year Ended December 31, 2020