Upload your files Please write all of your responses in one word file. You will be required to upload your response(s) at the end of your exam. Please allow yourself sufficient time to do so. You can find the link to upload your exam responses here For any problems encountered in uploading your file(s). please call 1-888-202-861 or contact the live support chat found on the right hand side of any of your exam pages 12 Marks tatement of Cash Flows The Niakwa Industries prepared the following statement of earnings and comparative tatement of financial position for 2020: Net sales Cost of sales Gross profit NIAKWA INDUSTRIES Statement of Earning For the Year Ended December 31, 2020 $1.900,000 980,000 920,000 Operating expenses Depreciation expense property, plant and equipment 200,000 Amortization expense-patents 27.000 Other operating expenses 197,000 Earnings from operating activities 496,000 Non-operating activities Interest expense Loss on sale of Land Net earnings before income tax Income tax (30%) Net Earning 160,000 100,000 236,000 720.000 $ 165,209 NIAKWA INDUSTRIES Comparative Statement of Financial Position December 31, 2020 2020 2919 Assets Current Assets Cash Accounts Receivable Investments Inventory Toul Current Assets $ 405.200 180,000 460,000 2.336.000 3,381,200 $ 200,000 350,000 320,000 2.090.000 2,960,000 Noa-Current Assets Property, Plant, and Equipment LA Accumulated Depreciation 880,000 (760,000) 800,000 (560,000) NIAKWA INDUSTRIES Comparative Statement of Financial Position December 31, 2020 2020 2019 Current Assets Cash $ 405.200 $ 200,000 Accounts Receivable 180,000 350.000 Investments 460,000 320,000 loventory 2.336.000 2.090.000 Total Current Assets 3,381,200 2,960,000 Non-Current Assets Property. Plant, and Equipment 880,000 800,000 Less: Accumulated Depreciation (760,000) (560,000) Patents, net 192.000 219.000 Total Non-Current Assets 312.000 459.000 Total Assets S.893.200 53.419.000 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable Accrued Payables Dividends Payable Income Taxes Payable Total Current Liabilities $ 389,000 160,000 80,000 27.000 656,000 $ 265,000 240,000 80,000 42.000 627,000 Non-Current Liabilities Note Payable (Long-Term) Bonds Payable Total Non-Current Liabilities Total Liabilities 180,000 900.000 100.000 1,736,000 560,000 400.000 960.000 1,587,000 Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity 1,600,000 357 200 1.057200 $3.693,200 1,600,000 222.000 1.1632.000 $31.419.000 dditional information: Equipment was purchased for $400,000 cash in 2020 Cash dividends of $40,000 were paid in 2020. 3. Land was sold for $220,000 cash in 2020 Changes in the note payable and bonds payable accounts were through cash transactions. 5. Any additional transactions were non-cash transactions and can be ignored for this Question Required Prepare a complete Statement of Cash Flows for 2020 using the indirect method for the perating section. Ignore supplementary disclosure. 1 B I = = % Do not enter your answer in this space. You will be required to upload your response(s) at the end of your exam
