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Statement of Cash Flows

Below is the financial information for Redwood Limited:

Redwood Limited

Statement of Financial Position

As at 31 December

2019

2018

Assets

$

$

Non-current assets

Patents

87,500

100,000

Land

458,750

187,500

Equipment

1,055,000

862,500

Less: Accumulated depreciation

483,500

571,500

496,250

366,250

Long-term investments

25,000

265,000

Total non-current assets

1,142,750

918,750

Current assets

Prepaid expenses

41,250

30,000

Inventories

187,500

191,250

Accounts receivable

175,800

185,050

Less: Allowance for doubtful accounts

8,300

167,500

8,800

176,250

Cash and cash equivalents

173,500

162,500

Total current assets

569,750

560,000

Total assets

1,712,500

1,478,750

Equity and Liabilities

Equity

Share capital - Ordinary, par value at $10

700,000

615,000

Share premium - Ordinary

50,000

10,000

Share premium - Treasury

2,500

-

Retained earnings

574,500

585,750

Less: Treasury shares

134,750

141,250

Total Equity

1,192,250

1,069,500

Non-current liabilities

Long-term notes payable

93,000

36,250

Current liabilities

Accounts payable

318,000

286,750

Income tax payable

18,250

23,750

Unearned revenues

80,000

62,500

Dividend payable

11,000

-

Total liabilities

520,250

409,250

Total equity and liabilities

1,712,500

1,478,750

Income Statement

For the year ended 31 December 2019

Sales revenues

1,884,500

Cost of goods sold

(1,310,250)

Gross profit

574,250

Operating expenses

(460,000)

Loss on disposal of equipment

(10,000)

Gain on sale of long-term investment

16,250

Interest expense

(9,000)

Income before income taxes

111,500

Income tax expense

(60,000)

Net income

51,500

Additional Information is available for 2019:

1. The operating expenses include bad debt, depreciation and amortization expenses.
2. No additional patent was acquired during the year.
3. No land was sold during the year.
4. A piece of land was purchased in July 2019. The seller accepted 8,000 ordinary shares and the remaining in cash. The market value was $12.5 per ordinary share at the time of purchase.
5. The company purchased a piece of equipment during 2019 by giving up an old piece of equipment, signing a 24-month notes and paying the balance by cash. The old equipment was acquired at $100,000 with accumulated depreciation of $65,000 up to the point of exchange.
6. Some long-term investment was sold but no new long-term investment was made during 2019.
7. Some new ordinary shares were issued in December 2019.
8. The company sold some treasury shares in May 2019. These treasury shares were purchased in 2018 at a cost of $14,500.
9. The company repurchased some of its own ordinary shares in October 2019.
10. Cash dividends were declared and paid during the year.
11. No repayment or issuance of notes payable for cash during the year.

Required:

1. a statement of cash flow for the year ended 31 December 2019 using the indirect method.
2. a schedule of significant non-cash activity.