Font Alignment Number 8 H a) Answer 2019 A B C D Question 5/15 marks) Armstrong Corporation Statement of Financial Position As at June 30 2020 Assets Cash 405,000 Accounts receivable 181.000 Merchandise inventory 175.000 Long term Investments 437,000 Equipment 1,351,000 14 Less Accumulated depreciation (485.000 15 2,064,000 Liabilities and Shareholders' Equity 12 Accounts payable 142.000 1 Income tax payable 7.000 19 Bonds payable 549,000 Commod shares 463.000 Surmary Info Question 1 Question 2 Questiona Question 4 428,000 156,000 210,000 580,000 1,215,000 (430,000 2.159.000 178,000 4.000 870,000 403,000 Question 5 Type here to search O RI Times New Roman - 12 AA wap E Morje Center B1 $ % 9 288 Font Alignment Number Clipboard AutoSave O KIR G A D H Common shares Retained carnings E 463.000 903.000 2,064,000 G 403.000 704,000 2,159.000 21 23 25 26 20 30 Armstrong Corporation Income Statement For the year ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses Income from operations Teterest expense Gain on sale of equipment Income before income tax Income tax expense Net income Additional information: Summary Info Question 1 Question Question Question 4 1,085,200 508,900 576 300 321,500 254,800 4,100 6,000 256,700 32.400 224.300 33 Question 5 Type here to search O RI E font Alignment Number toSave Of 8 D F H . A B C Additional information: Depreciation expense is included in operating expenses." Accounts payable is related to the purchase of inventory During the year, a piece of equipment that originally cost $65,000 was sold for casla. The equipment had a book value of $52,000 at the time of the sale REQUIRED: . a) Prepare in good form, a statement of cash flows for the year ended June 30, 2020, using the direct method to report the operating activities. (11.5 marks) b) Prepare the operating activities section only, using the indirect method. (3.5 marks) answer b) 9 0 Summary Info Question 1 Question 2 Cuestion 3 Question 4 Question 5 Type here to search