QUESTION 320 marks Mason Ltd.'s financial statements can be seen below: STATEMENTS OF FINANCIAL POSITION As at 31 March 2021 '000 2020 '000 Non-current assets Property, plant and equipment Investments Total non-current assets 488 250 738 470 250 720 Current assets Inventories Trade receivables Cash at Bank Total current assets 231 140 15 386 212 157 0 369 Total assets 1124 1,089 176 Current liabilities Trade payables Accrued interest payable Taxation Bank overdraft Total current liabilities 182 3 28 0 213 55 23 254 Non-current liabilities Long-term loans Total liabilities 90 303 130 384 Equity Share capital Share premium account Retained earnings Total Equity 200 60 220 70 531 821 1124 445 705 1,089 STATEMENT OF PROFIT OR LOSS For the year-ending 31 March 2021 Revenue Cost of sales Gross profit Operating expenses Operating profit Dividend received Interest payable Profit before tax Taxation Profit for the year '000 752 (387) 365 (225) 140 22 (18) 144 (28) 116 The operating expenses include employee salaries of 148,000 and depreciation of equipment of 70,000. There were no disposals of non-current assets during the year to 31st March 2021. A dividend of 30,000 was paid in June 2020. Required: (a) Calculate Mason's cash generated from operations, in line with IAS7, using the direct method. You are not required to prepare a full Statement of Cash Flows. (13 marks) (b) Calculate Mason's cash generated from operations, in line with IAS7, using the indirect method. You are not required to prepare a full Statement of Cash Flows. (7 marks)