Statement of Cash Flow

Shiloh Make-up Corp retails high-end, organic make-up retailer. For 2020 Shiloh has the follow financial statements. Shiloh Make-up Corp Shiloh Make-up Corp Comparative Statement of Financial Position Income Statement December 31, 2020 Year Ended December 31, 2020 2020 2019 Cash $ 83,600 5 2,000 Sales revenue $554,300 Accounts receivable $8,000 65,000 Cost of goods sold 165,000 Inventory 80,000 108,000 Gross margin 189,300 Prepaid rent 5,000 4,000 Operating expenses 120,000 Equipment 259,000 210,000 Operating income 269,300 Accumulated depreciation - 75,000 70,000 Interest expense 17,500 Goodwill 40,000 50,000 Impairment loss-goodwill 10,000 Total Assets 450,600 369,000 Loss on disposal of equipment 5,000 32,500 Income before income tax 236,800 Accounts payable 76,090 68,000 Income tax expense 59,200 Income tax payable 4,000 6,000 Net income $177,600 Salaries and wages payable 8,ODD 4,000 Short-term loans payable 8,000 10,DDD Long-term loans payable 60,000 69,000 Common shares 155,000 130,000 Retained earnings 139,600 62,000 Total Liabilities and SHE $ 450,600 $ 369,000 Additional information for 2020: a) A piece of equipment that originally cost $50,000 and was 75% depreciated, was sold. Any other equipment purchases during the year would have been paid for in cash. b) Salaries and Wages are maintained in Operational Expenses and was $50,000 for the period. All other indirect expenses, such as Sales, Administration, and Depreciation are also maintained in Operational Expenses. c) Historically, Shiloh has placed its interest expenses in its Operational Activities and its dividends in its Financial Activities. Required: Complete Shiloh Make-up Corp's 2020 Statement of Cash Flows using both the Direct and Indirect Method