long question

Shown below are the comparative statements of financial position and statement of income for Cullumber Corporation Cullumber Corporation Statement of Financial Position As at May 31 2022 2021 Current assets Cash 29.600 26,880 Accounts receivable 62,840 46,700 Inventory 158,500 167.160 7400 5,880 258,340 246,620 421,260 Prepaid rent Total current assets Property, plant, and equipment Less: Accumulated depreciation Net PPE Total assets 543,900 126,000 102.480 417.900 318.780 676,240 565,400 Current liabilities Accounts payable 103,320 96,600 Accounts payable Salaries and wages payable 103,320 96,600 51.240 60,480 Interest payable 20,740 18,980 Total current liabilities 175,300 176,060 Mortgage payable 63,000 84.000 Total liabilities 238,300 260,060 Shareholders' equity Common shares 324,880 235,200 Retained earnings 113,060 70,140 Total shareholders' equity 437.940 305,340 Total liabilities and shareholders' equity 676,240 565,400 Cullumber Corporation Statement of Income For the Year Ended May 31, 2022 Cullumber Corporation Statement of Income For the Year Ended May 31, 2022 Sales 1.260.000 Cost of goods sold 688.800 Gross margin 571,200 Expenses Salaries and wages expense 173,040 Interest expense 37,800 Other operating expenses 26,880 Depreciation expense 23,520 Total operating expenses 261,240 Income from Operations 309,960 Income tax expense 52,080 Net Income 257,880 The following is additional information about transactions during the year ended May 31, 2022. for Cullumber Corporation 1. 2 Equipment costing $122.640 was purchased by paying cash. The other operating expenses relate to prepaid rent. In order to supplement its cash. Cullumber issued 21.000 additional common shares Cash dividends of $214,960 were declared and paid at the end of the fiscal year. 3. Prepare a statement of cash flows for 2022 using the Indirect method, (Show amounts that decrease cash flow with either a sign 68. -15,000 or in parenthesis es (15,000)) CULLUMBER CORPORATION Statement of Cash Flows Adjustments to reconcile net income to > $