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Question 4 - (13 marks) Going for Gold Corporation balance sheets showed the following items: Debits 2021 2020 Cash $ 27,000 $ 21,000 Accounts Receivable
Question 4 - (13 marks) Going for Gold Corporation balance sheets showed the following items: Debits 2021 2020 Cash $ 27,000 $ 21,000 Accounts Receivable $ 43,000 $ 49,000 Inventory $113,000 $ 97,000 Equipment S96.000 $ 81.000 Total $279.000 $248.000 Credits Accumulated Depreciation Equip. $ 18,000 $ 14,000 Accounts Payable 3,000 0 Taxes Payable 4,000 2,000 Common shares $135,000 $135,000 Retained Earnings $119,000 $ 97.000 Total 279.000 $248.000 Additional information about the corporation's activities during 2021 are as follows: a) Net Income is $40,000 b) Corporation declared and paid $18,000 of cash dividends during the year. c) Equipment was purchased for $15,000 cash. Required: Prepare a statement of cash flows in good form for December 31, 2021, that follows the indirect method of calculating the net cash provided (or used). (Template on next page)
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