Question 6 (25 marks) Given the following information for Cat Castle Incorporated prepare their statement of cash flows for December 31, 2017 using the indirect method. Also, Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods. 2017*2016* Cash375250 Accounts receivable8575 Interest receivable56 Inventory8095 Prepaid Expenses4810 Non-current - Note receivable90125 Property, plant and Equipment325330 (net of depreciation) Accounts payable3320 Accrued liabilities4556 Common Shares825755 Retained Earnings 10560 Net income50 Depreciation expense2 Gain on sale of property1.5 * in 000s " Cat CastleInc Statement of Cash Flows For Year Ended December 31, 2017 Cash Flow from Operating Activities: Cash Flow from Investing Activities: Cash Flow from Financing Activities: Cash Flow from Financing Activities: Net Increase in Cash: Cash Balance: January 1, 2017 Cash Balance: December 31, 2018 Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods. Page Break Question 6 (25 marks) Given the following information for Cat Castle Incorporated prepare their statement of cash flows for December 31, 2017 using the indirect method. Also, Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods. Header 2017 2016 Cash375250 Accounts receivable8575 Interest receivable56 Inventory8095 Prepaid Expenses4810 Non-current - Note receivable90125 Property, plant and Equipment325330 (net of depreciation) Accounts payable3320 Accrued liabilities 4556 Common Shares825755 Retained Earnings 10560 Net income50 Depreciation expense2 Gain on sale of property1.5 * in 000s A AVO Dictate Cat CastleInc. Statement of Cash Flows For Year Ended December 31, 2017 Cash Flow from Operating Activities: 8 Header Cash Flow from Investing Activities: Hea Cash Flow from Investing Activities: Cash Flow from Financing Activities: Net Increase in Cash: Cash Balance: January 1, 2017 Cash Balance: December 31, 2018 Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods. Question 6 (25 marks) Given the following information for Cat Castle Incorporated prepare their statement of cash flows for December 31, 2017 using the indirect method. Also, Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods. 2017*2016* Cash375250 Accounts receivable8575 Interest receivable56 Inventory8095 Prepaid Expenses4810 Non-current - Note receivable90125 Property, plant and Equipment325330 (net of depreciation) Accounts payable3320 Accrued liabilities4556 Common Shares825755 Retained Earnings 10560 Net income50 Depreciation expense2 Gain on sale of property1.5 * in 000s " Cat CastleInc Statement of Cash Flows For Year Ended December 31, 2017 Cash Flow from Operating Activities: Cash Flow from Investing Activities: Cash Flow from Financing Activities: Cash Flow from Financing Activities: Net Increase in Cash: Cash Balance: January 1, 2017 Cash Balance: December 31, 2018 Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods. Page Break Question 6 (25 marks) Given the following information for Cat Castle Incorporated prepare their statement of cash flows for December 31, 2017 using the indirect method. Also, Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods. Header 2017 2016 Cash375250 Accounts receivable8575 Interest receivable56 Inventory8095 Prepaid Expenses4810 Non-current - Note receivable90125 Property, plant and Equipment325330 (net of depreciation) Accounts payable3320 Accrued liabilities 4556 Common Shares825755 Retained Earnings 10560 Net income50 Depreciation expense2 Gain on sale of property1.5 * in 000s A AVO Dictate Cat CastleInc. Statement of Cash Flows For Year Ended December 31, 2017 Cash Flow from Operating Activities: 8 Header Cash Flow from Investing Activities: Hea Cash Flow from Investing Activities: Cash Flow from Financing Activities: Net Increase in Cash: Cash Balance: January 1, 2017 Cash Balance: December 31, 2018 Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods
