The comparative statement of financial position for Crane Retailers Ltd. follows: CRANE RETAILERS LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 0 $ 20,000 Accounts receivable 70,000 47,000 Inventory 217,000 166.000 Furniture 130,000 162,000 Accumulated depreciation (34,000) (42000) Total assets $ 383,000 $353,000 Liabilities and Shareholders' Equity Bank overdraft $ 6,000 $ 0 Accounts payable 62,000 42,000 Bank loan payable (noncurrent) 95.000 108,000 $ 6,000 $ Liabilities and Shareholders'Equity Bank overdraft Accounts payable Bank loan payable (noncurrent) Common shares 0 62,000 42,000 95,000 108,000 51,000 61.000 Retained earnings 169,000 Total liabilities and shareholders equity $ 383,000 142,000 $ 353,000 Additional information: 1. Net income was $32,000 in 2018. 2. Depreciation expense was $18,000 in 2018. 3. In 2018, no new bank loans were received. 4. In 2018, no furniture was purchased, but some furniture was sold for $8,000, which resulted in a gain on this disposal of $2,000. 5. No common shares were issued during the year but some were reacquired at the cost at which they were originally issued. 6. In 2018, dividends were declared and paid. (a) Prepare a statement of cash flows using the indirect method for 2018. (Show amounts that decrease cash flow with either a - signes or in parpathesis 15.0001) WP (a) Prepare a statement of cash flows using the indirect method for 2018. (Show amounts that decrease cash flow with either a - signe or in parenthesis (15,000).) CRANE RETAILERS LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2018 Cash flows from operating activities Net income 32000 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense $ 18000 Gain on disposal of furniture 2000 Increase in accounts receivable 23000 Increase in inventory 51000 Increase in accounts payable 20000 O II WP Increase in accounts receivable 23000 Increase in inventory 51000 Increase in accounts payable 20000 Net cash provided by operating activities Cash flows from financing activities Proceeds from disposal of furniture $ Net cash provided by investing activities Cash flows from financing activities Repurchase of common shares Repayment of bank loan C Get Homework Help With C + learn wileyplus.com Net cash provided by investing activities Cash flows from financing activities Repurchase of common shares Repayment of bank loan > $ e Textbook and Media Satorita Last saved 1 day