STAUTTNER, INC. Statement of Financial Position December 31 Assets 2020 2019 Cash $84,671 $49,260 Accounts receivable 78,000 74.400 Inventories 144,070 148,440 Prepaid expenses 7,800 7,440 Property, plant, and equipment 294,000 288,000 Accumulated depreciation (89,400) (86,400) Intangible assets 65,020 55,200 $584,161 $536,340 Liabilities and Shareholders' Equity Accounts payable $56,160 $49,200 Wages payable 20,400 18,600 Income taxes payable 1,500 2,100 Bonds payable 114,000 132,000 Common shares 210,000 210,000 Retained earnings 182.101 124,440 $584,161 $536,340 STAUTTNER, INC. . Statement of Income Year Ended December 31, 2020 Sales $657,540 Cost of goods sold 414.000 Gross profit 243,540 Operating expenses $46,200 Depreciation expense 55,800 Loss on sale of equipment 8,580 110,580 Profit from operations 132.960 Less: Interest expense 3,280 Profit before income tax 129.680 Income tax expense 38,904 Net income $90.776 Additional information: 1. New equipment costing $85,200 was purchased for cash during the year. 2. The increase in intangible assets is related to legal fees incurred to trademark new packaging designs. Accounts payable relate only to merchandise creditors. 3. 4. Operating expenses included wages expense of $38,400. 5. Interest expense was paid in cash during the year. Prepare a statement of cash flows for Stauttner Inc. using the direct method. Assume Stauttner follows IFRS and has chosen to classify interest paid and collected as operating activities and dividends received as operating activities while dividends paid are financing activities. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) STAUTTNER, INC. Statement of Cash Flows (Direct Method) Year Ended December 31, 2020 + $ + + + + + + + +