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Carla Vista Ltd., a private company reporting under ASPE, reported the following for the years ended...

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Accounting

Carla Vista Ltd., a private company reporting under ASPE,reported the following for the years ended May 31, 2021, and2020.

CARLA VISTA LTD.
Balance Sheet
May 31
Assets20212020
Cash$25,100$46,750
Accounts receivable88,65078,750
Inventory184,000159,750
Prepaid expenses5,9007,400
Land135,75079,500
Equipment319,000199,000
Accumulated depreciation(77,200)(39,750)
    Total assets$681,200$531,400
Liabilities and Shareholders’Equity
Accounts payable$42,850$39,750
Dividends payable7,4005,900
Income taxes payable3,1006,900
Mortgage payable131,00079,750
Common shares218,500165,750
Retained earnings278,350233,350
    Total liabilities and shareholders’equity$681,200$531,400
Additional Information:
1.Profit for 2021 was $107,750.
2.Common shares were issued for $52,750.
3.Land with a cost of $52,750 was sold at a loss of $19,900.
4.Purchased land with a cost of $109,000 with a $57,750 downpayment and financed the remainder with a mortgage notepayable.
5.No equipment was sold during 2021.


Prepare a cash flow statement for the year using the indirectmethod

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