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Question B: Statement of Cash FI 2:22:563 minutes) The following unclassified statement of financial position relates to Lobo Inc. as at December 31: a LOBO INC. Comparative Statement of Financial Position December 31 2020 Assets Cash in bank $ 111,000 Accounts receivable, net 230,000 Inventories, at cost 190,000 Prepaid expenses 34,700 Land 60,000 Plant and equipment, net 325,000 Total assets $950.700 Liabilities and Shareholders' Equity Accounts payable Accrued liabilities Dividends payable Bonds payable, net Common shares Retained earnings Total liabilities and shareholders' equity Lobo's condensed statement of earnings for the year ended December 31, 2020 showed the following information. 2019 $ 120,000 303,000 160,000 0 72,500 253,500 $909.000 o $100,000 21,700 38,000 103,000 600,000 88,000 $950.700 hp $ 40,000 30,000 0 105,000 600,000 134,000 $909.000 ? ! 28F ( E - 1) Exam Support ENG 7:15 tained earnings Total liabilities and shareholders' equity Lobo's condensed statement of earnings for the year ended December 31, 2020 showed the following information. 02:22:16 990.000 00 nnn LOBO INC. Statement of Earnings For the Year Ended December 31, 2020 UVVVV 134,000 $ Net sales Cost of sales Gross profit Operating expenses, including depreciation of $60,000 Interest expense Gain on sale of land Earnings (loss) before income tax Income tax recovery Net earnings (loss) Additional information: a) The land that was sold during the year had an original cost of $12,500. b) Equipment was acquired in 2020, and no disposals were made during the year. $1,560,000 (925,000 635,000 (664,000) (8,000) 25,000 (12,000) 4,000 $ (8.000 HP 2 F A 28F Exam nt was acquired in 2020, he year. Required: 1. Prepare, in good form, the operating activities section of the statement of cash flows for the year ended December 31, 2020. Use the indirect method and show all relevant calculations. Do NOT prepare a complete statement of cash flows. (6 marks) 2. Calculate the amount of cash payments to suppliers of merchandise. The accounts payable relate only to purchases of merchandise for sale. (3 marks) 2:21:46 were mad 3. Prepare the investing activities section of the statement of cash flows for the year 2020. (4 marks) 7 ave answered this question and will upload after the exam (type yes): A B I . w ? # 28F ^ ( E. Exam Sup A