moodle.ca Why Go Online Course ACC 2009 Franco. Question 6 - 9 marks - 27 minutes Below are the financial statements of DNV Company: DNV Company Balance Sheet As at December 31 Additional information: 1.) Total operating expenses are composed of: Depreciation expense 20,000 Salaries expense 225,000 Other expenses 24,000 $ Cash Accounts receivable, net Inventory Prepaid insurance Building and equipment Accumulated depreciation Total 2024 174,000 $ 18,000 124,000 8,000 317,000 (87,000) 554,000 $ 2023 72,000 15,000 114,000 5,000 310,000 (69,000) 447,000 $ $ Accounts payable salaries payable Dividends payable Income taxes payable Long term debt Common shares Retained earnings Total Cost: 2.) Prepaid insurance is related to operating expenses 3.) Equipment was purchased during the year for 24,000 cash 14. ) Equipment was sold for cash during the year: 17,000 Accumulated depreciation: 2,000 5.) Dividends were declared and paid during the year. 37,000 $ 34,000 28,000 23,000 4,000 1,000 11,000 5,000 106,000 109,000 1,000 1,000 367,000 274,000 554,000 $447.000 $ MacBook Air OM 5.) Dividends were declared and paid during the year. Common shares Retained earnings Total 100,000 TO,000 1,000 1,000 367,000 274,000 554,000 $ 447,000 $ DNV Company Income Statement For the Year Ended December 31 2024 Sales $ 921,000 Cost of goods sold 475,000 Gross profit 446,000 Total operating expenses 269,000 Operating income 177,000 Interest expense 4,000 Loss on sale of equipment 6,000 Income before tax 167,000 income tax expense 42,000 Net income $ 125,000 Required: Prepare a cash flow statement for this company DO BOTH the direct and indirect methods. MacBook Air