NEED HELP ASAP!!

ER Exercise 13-7 The comparative unclassified statement of financial position for Blossom Ltd. follows: BLOSSOM LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $51,000 $27,000 Accounts receivable 88,000 60,000 Inventory 177,000 194,500 Long-term investments 70,000 145,000 Equipment 280,000 154,000 Accumulated depreciation (66,000) (34,000) Total assets $600,000 $546,500 Liabilities and Shareholders' Equity Accounts payable $37,000 $ 49,500 Bank loan payable 125,000 185,000 Common shares 219,000 175,000 Retained earnings 219,000 137,000 Total liabilities and shareholders' equity $600,000 $546,500 Additional information: 1. 2. 3. 4. 5. 6. 7. 8. Net income was $119,200. Sales were $994,000. Cost of goods sold was $758,000. Operating expenses were $45,000, exclusive of depreciation expense. Depreciation expense was $32,000. Interest expense was $15,000. Income tax expense was $30,000. Long-term investments were sold at a gain of $5,200. Numentele et re to search o hp Retained earnings 219,000 137,000 Cotal liabilities and shareholders' equity $600,000 $546,500 Additional information: 1. 2. 3. 4. 5. 6. Net income was $119,200. Sales were $994,000. Cost of goods sold was $758,000. Operating expenses were $45,000, exclusive of depreciation expense. Depreciation expense was $32,000. Interest expense was $15,000. Income tax expense was $30,000. Long-term investments were sold at a gain of $5,200. No equipment was sold during the year. $60,000 of the bank loan was repaid during the year. Common shares were issued for $44,000. 7. 8. 9. 10. 11. Prepare a statement of cash flows using the indirect method. (Show amounts that BLOSSOM LTD. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to $ BLOSSOM LTD. Statement of Cash Flows-Indirect Method $ Adjustments to reconcile net income to > A $ >