Windsor inc. is a major retailer of road bicycles and a promoter of riding bicycles to work. both to save the environment and improve physical fitness. Financial statements for Windsor are presented below. CurrentliabilitiesAccountspayableSalariespayableInterestpayableTotalcurrentliabilities11,20010,1002,10023,40015,1008,1003,10026,300 Current liabilities \begin{tabular}{lrr} Accounts payable & 11,200 & 15,100 \\ Salaries payable & 10,100 & 8,100 \\ Interest payable & 2,100 & 3,100 \\ Total current liabilities & 23,400 & 26,300 \\ Loan payable & 100,100 & 60,100 \\ \hline Total liabilities & 123,500 & 86,400 \\ Shareholders' equity & & \\ \hline Common shares & 10,000 & 300 \\ Retained earnings & 73,200 & 48,900 \\ Total shareholders' equity & 83,200 & 49,200 \\ \hline \end{tabular} WINDSOR INC. INCOME STATEMENT For the Years Ended December 31 Sales revenue 406,000350,000 WINDSOR INC. INCOME STATEMENT For the Years Ended December 31 \begin{tabular}{lcc} & 2024 & 2023 \\ \hline Sales revenue & $600,900 & $500,000 \\ Cost of sales & 406,000 & 350,000 \\ \hline Gross margin & 194,900 & 150,000 \end{tabular} Expenses SalariesexpenseInterestexpenseOtherexpenses136,0003,5006,000125,0002,4003,000 Depreciation expense 16040014.900138.4008.000 The following is additional information concerning Windsor's transactions during the year ended December 31, 2024: - Equipment costing $40,000 was purchased by paying $35,100 cash and issuing 100 shares. - Equipment costing $30,000 that was purchased at the beginning of 2023 was sold at the end of 2024 for 525,100.5 traightline depreciation had been used with an expected asset life of 10 years and a residual value of 50. - Equipment costing $30,000 that was purchased at the beginning of 2023 was sold at the end of 2024 for $25,100.5 tralehtline depreciation had been used with an expected asset life of 10 years and a residual value of 50 . - The other expenses" relate to prepaid items. - In order to supplement its cash. Windsor borrowed an additional $40,000 and issued an additional 100 shares. - Cash dividends of $4,900 were paid at the end of the fiscal year. - Cost of sales includes $125,000 of direct labour costs. Prepare a statement of cash flows for Windsor for the year ended December 31,2024, using the indirect method. Windsor follows ASPE. (Show amounts that decrease cash flow with either a negative sign eg. 15,000 or in parenthesis eg. (15,000)) Windsor lnc. Statement of Cash Flows $ Add/(Deduct) non-cash items: Add/(Deduct) non-cash items: Non-Cash investing and financing activities 5
