Preparing the Cash Flow Statement Q.1 Tulip air's Balance sheet for the years 2020 & 2021are provided to you. You are required to prepare the statement of cash flows by calculating the following: A. Net cash Flows from Operating Activities (5 marks) B.Net cash Flows from Investing Activities (5 marks) C. Net Cash Flows from Financing Activities. (5 marks) Tulip air's Balance Sheet for the year ended 31 December 2019 & 2020 are as follows: Cash 2020 Amt in (S) 75,000 2021 Amt in (S) 115,000 Accounts Receivable 35,000 50,000 Other current Assets 23,000 45,000 prepaid Expenses 0 0 Inventory 134,000 120,000 Total Current Assets 267,000 330,000 Gross Plant & Equipment 352,000 451,000 Accumulated Depreciation -40,000 -56,000 Net Plant and equipment 312,000 395,000 Gross Aircraft spares 850,000 950,000 Accumulated Depreciation -120,000 -140,000 Net Aircrafts 730,000 810,000 Land 128,000 160,000 Total Assets 1,437,000 1,695,000 Accounts payable 70,000 85,000 Accrued Liabilities 74,000 53,000 Short-term Loan 38,000 40,000 Total Current Liabilities 173,000 178,000 Mortgage Payable 570,000 455,000 Long-Term Loan 255,000 535,000 Preferred Stock Common Stock Retained Earnings Total Debt and Equity Additional Information: 1. Tulip air's earned a Net Income of $94,000 in the year 2021. 2. Tulip air's paid Preference stock dividends of $35,000 in 2021 3. Tulip air's also paid Common stock dividends of $27,000 in 2021. 80,000 125,000 305,000 335,000 45,000 67,000 1,437,000 1,695,000