he following selected data for the Food Factory Corporation were gathered by the accountants for the year ended December 31,2020 who are responsible for preparing the financial statements. Cost of good sold – 47,300 Depreciation Expense – 14,100 Other Operating Expense – 15,700 Loss on sale of Investment – 1,900 Gain on sale of capital assets – 6,200 Sales Revenue – 99,700 Interest revenue – 7,100 Dividend Revenue – 3,200 Salary Expense – 24,700 Interest Expense – 5,200 Income Tax Expense – 2,700 Net Income – 4,600
REQUIRED : STATEMENT OF CASHFLOW (OPERATING, INVESTING, FINANCING ACTIVITIES AND NON CASH INVESTING & FINANCING)
The following selected data for the Food Factory Corporation were gathered by the accountants for the year ended December 31,2020 who are responsible for preparing the financial statements.
Cost of good sold – 47,300
Other Operating Expense – 15,700
Loss on sale of Investment – 1,900
Gain on sale of capital assets – 6,200
Sales Revenue – 99,700
Interest revenue – 7,100
Dividend Revenue – 3,200
Salary Expense – 24,700
Interest Expense – 5,200
Income Tax Expense – 2,700
Net Income – 4,600
The cash account began the year with a balance of $32,500 and ended the year with a balance of $191,500.
Other relevant data gathered by the accountants.
Decreased
Increased Inventory – 7,800
Decreased Prepaid Expense – 2,300
Increased Account Payable – 19,400
Increased Salary Payable – 1,400
Decreased Accrued Liabilities – 4,900
Increased Income Tax Payable – 700
Acquisition Capital Assets – 42,000
Issuance of Commonshares – 75,000
Proceeds from sale of investment – 29,000
Collection of Loan Principal – 25,200
Payment of Dividends – 18,000
Purchased equipment by signing a note payable – 25,000
Proceeds from sale of capital assets – 26,700
Proceeds from sale of repurchased shares – 25,000
Required:
Prepared the statement of cashflow for the year ended December 31, 2020 under ASPE, using the indirect method and including a schedule of noncash investing and financing activities, if necessary.
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