The financial statements of Wetaskiwin Ltd., private company reporting under ASPE, follow:

Additional information:
1. Short-term notes receivable are from loans to other companies. During the year, the company collected the outstanding balance at December 31, 2013, and made new loans in the amount of $14,000.
2. Equipment was sold during the year. This equipment cost $15,000 originally and had a carrying amount of $10,000 at the time of sale.
3. Equipment costing $10,000 was purchased in exchange for a $10,000 note payable.
4. Depreciation expense is included in operating expenses.
Instructions
Prepare a cash flow statement for the year using the indirect method.
TAKING IT FURTHER Wetaskiwin Ltd. had a relatively small change in its cash balance in 2014; cash decreased by only $1,000. Is it still necessary or important to prepare a cash flow statement? Explain.

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WETASKIWIN LTD. Balance Sheet December 31 Assets 2014 2013 10,000 23,000 14,000 25,000 78,000 (24,000) 126,000 $ 9,000 Short-term notes receivable Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation 14,000 28,000 29,000 73,000 (30,000) $123,000 Total assets Liabilities and Shareholders' Equit Accounts payable Income tax payable Notes payable Common shares Retained earnings 25,000 3,000 15,000 25,000 55,000 $123,000 S 43,000 20,000 10,000 25,000 28,000 $126,000 Total liabilities and shareholders equity WETASKIWIN LTD. Income Statement Year Ended December 31, 2014 Sales Cost of goods sold Gross profit Operating expenses Loss on sale of equipment Profit from operations Other revenues and expenses $286,000 194,000 92,000 $38,000 2,000 40,000 52,000 $(1,000) 2,000 Interest revenue Interest expense Profit before income tax Income tax expense Profit 1,000 51,000 15,000 $36,000