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Question 1 of 8 Ivanhoe Ltd. reported the following for the fiscal year 2021: IVANHOE LTD. Income Statement Year Ended September 30, 2021 Sales $563,000 Cost of goods sold 318,000 Gross profit 245,000 Operating expenses $89,000 Depreciation expense 14,000 Gain on sale of land (24,000) 79,000 Profit before income tax 166,000 Income tax expense 41,500 Profit $124,500 Additional information: 1 Accounts receivable decreased by $14,300 during the year. e to search O n Profit $117,000 Additional information: Accounts receivable decreased by $15,300 during the year. 2. Inventory increased by $6,800 during the year. 3. Prepaid expenses decreased by $4.800 during the year. Accounts payable to suppliers increased by $10,300 during the year. 5. Accrued expenses payable increased by $4,300 during the year. 6. Income tax payable decreased by $6,100 during the year. Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decres with either a - sign e.g.-15,000 or in parenthesis eg. (15,000).) Question 1 of 8 7.92 / 10 ini View Policies Show Attempt History Current Attempt in Progress Cullumber Ltd. reported the following for the fiscal year 2021: CULLUMBER LTD. Income Statement Year Ended September 30, 2021 Sales $573,000 Cost of goods sold 328,000 Gross profit 245,000 Operating expenses $ 99.000 Depreciation expense 24.000 Gain on sale af land (34,000 89.000 Profit before income tax 156.000 Income tax expense 39.000 Profit $117.000 Act GO Question 1 of 8 7.92 / 10 E Proht $117,000 Additional information: 1. Accounts receivable decreased by $15,300 during the year. 2. Inventory increased by $6,800 during the year. 3. Prepaid expenses decreased by $4,800 during the year 4 Accounts payable to suppliers increased by $10,300 during the year. 5 Accrued expenses payable increased by $4,300 during the year. 6. Income tax payable decreased by $6,100 during the year Prepare the operating activities section of the cash flow statement using the indirect method (Show amounts that decrease cash flow with elther a-sign eg -15,000 or in parenthesises. (15,000)) CULLUMBER LTD. Cash Flow Statement (Partial)- Indirect Method Activa Go to se