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Current Attempt in Progress Prepare the Statement of Cash Flow for Faraday Power Company using the indirect method. The condensed financial statements appear below: FARADAY POWER COMPANY Statement of Financial Position March 31 Assets 2020 2019 Cash Accounts receivable 26,700 27,800 Inventory 127.900 119,700 Prepaid expenses 2.800 4,600 225,600 208,400 Property, plant, and equipment Accumulated depreciation (105,400) (94.900) $279,400 $263,800 Liabilities and Shareholders' Equity CL earch ORA 24C S hp FARADAY POWER COMPANY Statement of Income Year Ended March 31, 2020 Sales revenue $345.700 Cost of goods sold 213,400 Gross profit 132,300 Wages expense $53,000 Administration expense 24,200 19,900 Depreciation expense Repairs and maintenance expense Net income from operations 6,100 103,200 29,100 2.900 Interest expense Loss on sale of equipment 4,200 7.100 Earnings before income tax 22.000 Income tax expense Net income $22.000 1. Equipment originally costing $49,500 was sold during the year for $35,900. The company had proceeds from short term bank loan of $3,400. 2. (Show amounts that decrease cash flow with either a - signeg.-15,000 or in parenthesis eg. (15,000).) FARADAY POWER COMPANY Statement of Cash Flows (Indirect Method) Year Ended March 31, 2020 Cash Flows from Financing Activities Net Income 22.000 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation Expense $ 54,870 Loss on Sale of Equipment 8.440 O Bi dll IOW510 inancing Activities Net Income $ 22,000 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation Expense $ 54,870 54.870 Loss on Sale of Equipment 8.440 Decrease in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Decrease in Accounts Payable Net Cash Provided by Investing Activities O BE E Op Net Cash Provided by Investing Activities Net Cash Provided by Financing Activities 24'C Sunn 6. E arch ORI hp son 4 of 20