Question 54 (2 points) Use the following information for questions 54 and 55 The Wallis Corporation provides moving services to local clients. Wallis reported the following data for 2018: WALLIS CORPORATION Statement of Financial Position As at December 31, 2018 Assets Cash Accounts receivable Prepaid insurance Total current assets Property, equipment and vehicles Accumulated depreciation Total non-current assets Total Assets 2018 $ 88,600 85,000 70,000 243,600 360,000 (110,400 249,600 $493,200 2017 $ 49,100 59,400 60,000 168,500 305,000 (105,900) 199,100 $367,600 Liabilities and Shareholders' Equity Accounts payable Wages Payable Total current liabilities Bank loan payable Total liabilities Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity $ 21,500 3,000 24,500 50,000 74,500 200,000 218.700 418,700 $493,200 $ 18,600 4.000 22,600 60,000 82,600 200,000 85,000 285,000 $367,600 WALLIS CORPORATION Income Statement For the Year Ended December 31, 2018 $450,000 5,000 $455,000 Moving revenue Gain on Sale of Equipment Total revenues Expenses: Depreciation expense Wage expense Vehicle maintenance expense Interest expense 59,500 134,000 102,400 5,400 301,300 Net income $153,700 Additional data: (1) Vehicles originally costing $65,000 were sold for $15,000. (2) Dividends were paid during the year. Using the INDIRECT method, Cash Flow from (or used by) Operating Activities for Wallis Corporation is? $174,500 -$147,800 $182,300 $165,900 Question 55 (2 points) Using the INDIRECT method, Cash Flow from (or used by) Investing Activities for Wallis Corporation is? $95,000 -$110,300 -$105,000 -$120,000