Please prepare the statement of cash flows using the indirect method (not the direct method as noted in the question). LO4, 5, 620 Prepare a statement of cash flowsusing the indirect methodThe balance sheets for the Intelligence Company are as follows:Comparative balance sheets as at 30 June20222021Cash and cash equivalents$ 65000$ 45 000Accounts receivable50 00055 000Inventory125 000175000Property, plant and equipment930 000745 000Accumulated depreciation(270 000)(200 000) Total assets$900 000$820 000Accounts payable$ 110 000$105 000Unsecured syndicated bank loan(long-term)180 000200 000Total liabilities$290 000$305 000Ordinary shares$350 000$280 000Retained earnings260 000235 000Total shareholders' equity610 000515000Total liabilities and shareholders' equity$900 000$820 000The following additional information is available:iProfits after tax for 2022 were $50000.iiCash dividends of $25000 were paid during the year.A portion of unsecured syndicated bank loan maturedand was repaid during the year.iiiivOrdinary shares were issued for cash.Property and equipment were purchased for cash.No non-current assets were sold during the year.The change in accumulated depreciation is a result ofdepreciation expense.VviREQUIREDPrepare a statement of cash flows for the year using thedirect method for the operating activities section andprepare a reconciliation of profits after tax to cash flow fromoperations.

The cash flow statement is prepared to record the cash flow from various activities during the…

c0 Prepare a statement of cash flows using the indirect method LO4, 5, 6 he balance sheets for the Intelligence Company are as follows: Comparative balance sheets as at 30 June 2022 2021 Cash and cash equivalents $ 65 000 $ 45 000 Accounts receivable 50 000 55 000 Inventory 125 000 175000 Property, plant and equipment 930 000 745 000 Accumulated depreciation (270 000) (200 000)

c0 Prepare a statement of cash flows using the indirect method LO4, 5, 6 he balance sheets for the Intelligence Company are as follows: Comparative balance sheets as at 30 June 2022 2021 Cash and cash equivalents $ 65 000 $ 45 000 Accounts receivable 50 000 55 000 Inventory 125 000 175000 Property, plant and equipment 930 000 745 000 Accumulated depreciation (270 000) (200 000)

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.6.2P

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