Question 1 of 9 > The financial statements of Carla Vista Ltd., a private company reporting under ASPE, follow: CARLA VISTA LTD Balance Sheet December 31 Assets 2021 2020 Cash $7,684 $10,100 21,400 Short-term notes receivable 12,100 Accounts receivable 27,600 13,600 Inventory 29,100 24,600 Property, plant, and equipment 70,800 76,600 Accumulated depreciation (29,600) (24.100) Total assets $117,684 $122,200 Accumulated depreciation (29,600) (24,100) Total assets $117,684 $122,200 Liabilities and Shareholders' Equity Accounts payable $24,600 $42,300 Income tax payable 2,800 18,800 12,500 9,300 Notes payable Common shares Retained earnings 23,300 23,300 54,484 28,500 Total liabilities and shareholders' equity $117,684 $122,200 CARLA VISTA LTD. Question 1 of 9 CARLA VISTA LTD. Income Statement Year Ended December 31, 2021 Sales $281,600 Cost of goods sold 191,800 Gross profit 89,800 Operating expenses $35,900 Loss on sale of equipment 1,900 37,800 Profit from operations 52,000 Other revenues and expenses Interest revenue $(1,020) Interest expense 1,900 880 Question 1 of 9 Profit from operations 52,000 Other revenues and expenses Interest revenue $(1,020) Interest expense 1,900 880 Profit before income tax 51,120 Income tax expense 15,336 Profit $35,784 Additional information: 1. Short-term notes receivable are loans to other companies. During the year, the company balance at December 31, 2020, and made new loans in the amount of $12,100. Additional information: 1. 2 3. Short-term notes receivable are loans to other companies. During the year, the company collected the outstanding balance at December 31, 2020, and made new loans in the amount of $12,100, Equipment was sold during the year. This equipment cost $15,100 originally and had a carrying amount of $8.200 at the time of sale. Equipment costing $9,300 was purchased in exchange for a 59,300 note payable Depreciation expense is included in operating expenses. Accounts receivable are from the sale of merchandise on credit Accounts payable relate to the purchase of merchandise on credit. 4. 5, 6. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis e.g. (15,000).) -/10 Prepare a cash flow statement for the year using the indirect method(Show amounts that decrease cash flow with either a signes. -15,000 or in parenthesis eg. (15,000.) CARLA VISTA LTD. Cash Flow Statement-Indirect Method Adjustments to reconcile proht to Question 1 of 9 -/10 E Adjustments to reconcile proht to $ > o c o P C here to search Question 1 of 9 - / 10 o O 02:56:28 Question 1 of 9 > /10 Note: Equipment costings was purchased by issuing a note payable. Save for later Attempts: 0 of 1 used Submit