Com 204 Spring 2022 Assignment 6 Ch910 (4) Saved to this PC File Home Insert Draw Design Layout AutoSave Search (Alt+Q) References Mailings Review View Help Question 1 (27 marks) Using the financial statements and the transactional data reported for Bryant Limited, prepare a statement of cash flows using the indirect method. Ensure to report any non-cash investing and financing activities. Bryant Limited Balance Sheet As at December 31, 2021 2021 2020 banipreet kaur BK Comments Share Assets Cash $ 14,000 $ 8,000 Accounts receivable $ 12,000 $ 9,500 Inventory $ 16,000 $ 14,000 Long-term investments $ 145,000 $ 95,500 Property, Plant & Equipment (net) $ 93,000 $ 84,000 Total assets $ 280,000 $ 211,000 Liabilities and Shareholders' Equity Liabilities Accounts payable $ 11,700 $ 15,000 Accrued liabilities $ 4,800 $ 2,000 Long-term notes payable $ 43,000 $ 51,000 Bonds payable $ 50,000 Total liabilities $ 109,500 $ 68,000 Shareholders' equity Common shares $ 21,000 $ 15,000 Retained earnings $ 149,500 $ 128,000 Total equity $ 170,500 $ 143,000 Total liabilities & equity $ 280,000 $ 211,000 Page 1 of 5 146 words English (Canada) Accessibility: Investigate Focus ENG 12:22 PM 90% Com 204 Spring 2022 Assignment 6 Ch910 (4) Saved to this PC File Home Insert Draw Design AutoSave Layout References Mailings Com 204, Spring 2022 Assignment 6, Chapters 9 & 10 Total- Search (Alt+Q) banipreet kaur BK Review View Help Comments Share Bryant Limited Income Statement For the Year Ended December 31, 2021 Sales Revenue $ 191,000 Cost of goods sold $ 75,000 Gross Margin $ 116,000 Operating expenses Administrative expenses $ 4,000 Depreciation expense $ 10,000 Other operating expenses $ 5,000 Salary expenses $ 42,000 Total operating expenses $ 61,000 Other items: Gain on sale of long term investme $ 1,500 Loss on sale of equipment $ 3,000 Income before income tax $ 53,500 Income tax expense $ 21,000 Net income $ 32,500 Transaction Data for 2021 Purchase of long term investment $ 60,000 Proceeds on sale of long term investment (book value, $10,500) 12,000 Page 2 of 5 146 words English (Canada) Accessibility: Investigate Focus 90% ENG 12:24 PM Com 204 Spring 2022 Assignment 6 Ch910 (4) Saved to this PC File Home Insert Draw Design AutoSave Page 2 of 5 146 words que le bu Layout Search (Alt+Q) banipreet kaur BK References Mailings Review View Help Salary expenses 42,000 Total operating expenses $ 61,000 Other items: Gain on sale of long term investme $ 1,500 Loss on sale of equipment $ 3,000 Income before income tax $ 53,500 Income tax expense $ 21,000 Net income $ 32,500 Transaction Data for 2021 Purchase of long term investment $ 60,000 Proceeds on sale of long term investment (book value, $10,500) $ 12,000 Purchase of equipment $ 35,000 Proceeds on sale of equipment (carrying amount, $16,000) $ 13,000 Issuance of long term debt to borrow cash $ 12,000 Repayment of long term debt $ 20,000 Issuance of bonds payable for cash $ 50,000 Issuance of common shares for cash $ 6,000 Payment of cash dividends $ 11,000 Company purchased $80,000 in Machinery in exchange for a 1 year, 6% note payable 80,000 English (Canada) Accessibility: Investigate Comments Share Focus 90% ENG 12:24 PM