Question 2 View Policies Current Attempt in Progress Sweet Inc. reported the following information at the end of its 2019 fiscal year. Sweet Inc. Statement of Financial Position As at April 30 Assets 2020 Cash 206,000 Accounts receivable 114,000 Inventory 111,000 Prepaid operating expenses 19,000 Long term investments 182.000 Equipment 1,237,000 Less: Accumulated depreciation (361,000) 1,508,000 Liabilities and Shareholders' Equity Accounts payable 52,000 Income tax payable 30,000 Bonds payable 673,000 Common shares 298,000 Retained earnings 455,000 1,508,000 2019 151,000 96,000 252,000 11,000 87,000 1,135,000 (372,000) 1,360,000 66,000 28,000 742,000 247,000 277,000 1,360,000 Sweet Inc. Income Statement For the year ended April 30, 2020 Sales revenue 1,119,000 Cost of goods sold 678,000 Gross profit 441,000 Operating expenses 228,000 CI: Sweet Inc. Income Statement For the year ended April 30, 2020 Sales revenue 1,119,000 Cost of goods sold 678,000 Gross profit 441,000 Operating expenses 228,000 Income from operations 213,000 Interest expense 4,800 Gain on disposal of equipment 3,100 Income before income tax 211,300 Income tax expense 16.890 Net income $194,410 ADDITIONAL INFORMATION: Depreciation expense is included in "operating expenses." All accounts payable transactions were related to the purchase of inventory. During the year, a piece of equipment that originally cost $45,000 was sold for cash. The equipment was 70% depreciated at the time of the sale. Long-term investments were purchased for cash during the year. Prepare a statement of cash flows, in good form, for Sweet Inc., using the indirect method and follows ASPE. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Sweet Inc. Statement of Cash Flows Adjustment to reconcile net income to net cash provided by operating activities: Sweet Inc. Statement of Cash Flows Adjustment to reconcile net income to net cash provided by operating activities