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Culver Inc. a greeting card company that follows ASPE had the following statements prepared as at December 31, 2020 CULVER INC. Comparative Statement of Financial

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Culver Inc. a greeting card company that follows ASPE had the following statements prepared as at December 31, 2020 CULVER INC. Comparative Statement of Financial Position December 31 2020 2019 Cash $ 47.775 $ 25,090 Accounts receivable 57.930 51030 Inventory 39.990 60.070 Prepald rent 5,210 4100 Equipment 161990 130 120 35.210) Accumulated depreciation-equipment Goodwill Total assets ( 25.100 68,000 28,000 $ 305,685 $ 313,310 $ 46,190 $ 40.120 3.990 6,070 8.090 4,090 7,930 10,030 Accounts payable Income tax payable Salaries and wages payable Short-term loans payable Long-term loans payable Common shares Retained earnings Total liabilities and shareholders' equity 68.000 87,000 130.000 130,000 41.485 36,000 $ 305,685 313,310 CULVER INC Income Statement Year Ending December 31, 2020 Sales revenue $ 348.490 Cost of goods sold 165.000 Gross margin 183.490 Operating expenses 120.000 Grer animam CULVER INC Income Statement Year Ending December 31, 2020 Sales revenue $ 348,490 Cost of goods sold 165.000 183.490 120,000 63.490 $ 12.100 Gross margin Operating expenses Operating income Interest expense Impairment loss-goodwill Gain on disposal of equipment Income before income tax Income tax expense Net income 40.000 (2.400 49.700 13.790 4 105 $ 9.685 1. Additional information: Dividends on common shares in the amount of S4200 were declared and paid during 2020. Dividends paid are treat Depreciation expense is included in operating expenses, as is salaries and wages expense of $ 70,000. Equipment with a cost of $ 36,000 that was 70% depreciated was sold during 2020 2 3. Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with eithers-signes -15,0 parenthesis es (15,0001) Culver Inc. Statement of Cash Flows (Indirect Method) $ Adjustments to reconcile net income/loss to net cash provided by operating activities: Culver Inc Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income/loss to net cash provided by operating activities: $ | > > A A A A A

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