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The comparative unclassified statement of financial position for Carla Vista Ltd. follows begin{tabular}{|c|c|c|} hline multicolumn{3}{|l|}{ Liabilities and Shareholders' Equity } hline Accounts payable &
The comparative unclassified statement of financial position for Carla Vista Ltd. follows \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Liabilities and Shareholders' Equity } \\ \hline Accounts payable & $27,000 & $41,000 \\ \hline Refund liability & 5,000 & 4,000 \\ \hline Bank loan payable (non-current) & 143,000 & 172,500 \\ \hline Common shares & 219,000 & 176,000 \\ \hline Retained earnings & 219,000 & 140,000 \\ \hline Total liabilities and shareholders' equity & $613,000 & $533,500 \\ \hline \end{tabular} Additional information pertaining to 2024 : 1. Net income was $121,100. 2. Sales were $998,000. 3. Cost of goods sold was $758,000. 4. Operating expenses were $45,000, exclusive of depreciation expense. 5. Depreciation expense was $37,000. 6. Interest expense was $15,000. 7. Income tax expense was $27,000. 8. Long-term investments were sold at a gain of \$5,100. These investments are carried at their cost, so gains and losses on these investments are recorded only when the investments are sold. 9. No equipment was sold during the year. 10. $29,500 of the bank loan was repaid during the year. 11. Common shares were issued for $43,000. Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.s. 15,000 or in parenthesis e.s. (15,000). CARLA VISTA LTD. Statement of Cash Flows-Direct Method $ Cash Payments
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