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Question 10 The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventories Investments Building Equipment Patent Total December, 31 2020 2019 $ 33,500 $ 13,000 12,250 10,000 12,000 9,000 -0- 3,000 29,750 45,000 20,000 5,000 6.250 $107.750 $91,000 $ 3,000 $ 4,500 $2,000 4,500 -0- Allowance for doubtful accounts Accumulated depreciation on equipment Accumulated depreciation on building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings Total -0- 5,000 -0- 3,000 31,000 43,000 20,750 $107.750 6,000 3,000 5,000 4,000 25,000 33,000 6,000 $91.000 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at the time of disposal was sold for $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000. 4. On January 1, 2010, the building was destroyed by a flood. Insurance proceeds on the building were $30,000 (net of $2,000 taxes). 5. 6. 7. 8. Investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. A long-term note for $16,000 was issued for the acquisition of equipment. The interest of $2,000 and the income taxes of $6,500 were paid in cash. Required Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country. Question 1 (a) Explain in short, the role of the International Federation of Accountants (IFAC) in shaping the accounting environment. (b) Explain the concept of integrated report