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Graphene Plastics Company imports graphite from Australia for conversion to graphene to make hockey sticks in Canada. As CEO, you are busy preparing a loan application, which asks for a cash flow statement for the most recent fiscal period. You have the following financial information GRAPHENE PLASTICS COMPANY Comparative Statement of Financial Position Oct. 31, 2020 Oct 31, 2019 Assets Cash $45.600 $79,300 120.500 135,400 Accounts receivable (net) Inventory Total current assets 209,000 175,500 405,100 390.200 Equipment 301,600 230,900 (144.900) (169.900) $451,200 $561,800 Accumulated depreciation Total Assets Liabilities and shareholders' equity Current liabilities: Accounts payable $80,800 $65,600 Dividends payable 17.000 22,100 Total current liabilities 97.800 87.700 Accounts payable $80,800 CCP $65,600 Dividends payable 17,000 22,100 Total current liabilities 97,800 87,700 Loan payable 107.900 124,400 Total liabilities 205,700 212,100 Common shares 110,800 110,800 Retained earnings 245,300 128,300 356,100 239.100 Total shareholders' equity Total liabilities and shareholders' equity $561,800 $451,200 GRAPHENE PLASTICS COMPANY Statement of Income For the year ended October 31, 2020 Sales revenue $603,500 Cost of goods sold 266,600 Gross profit 336,900 Expenses Wages expense 49.500 Utilities expense 19,800 Expenses Wages expense 49,500 19,800 25,300 15.100 Utilities expense Depreciation expense Rent expense Interest expense Total expenses Loss on sale of equipment Net income 9.100 118,800 9,100 $209000 Additional information During the year, Graphene sold a plece of its equipment. The equipment sold had originally cost $73,300 and was sold for $13,900 Using the information above, prepare Graphene's statement of cash flows for the year ended October 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e . (15,000).) Graphene Plastics Company Statement of Cash Flows, Indirect Method For the Year Ended October 31, 2020 Cash Flows from Operating Activities Net Income 209,000 Depreciation Expense 25,300 Loss on Sale of Equipment 9.100 Decrease in Accounts Receivable Increase in Inventory Increase in Accounts Payable $ Net Cash Provided by Operating Activities : Cash Flows from Investing Activities Proceeds from the sale of Equipment : Proceeds from the sale of Equipment Purchase of Equipment Net Cash Used for Investing Activities Cash Flows from Financing Activities Repayment of Loan Payable Purchase of Equipment Net Cash Used for Financing Activities Net Change in Cash Opening Cash Ending Cash Net Change in Cash Supplemental Cash Flow information: Cash paid for interest $ Determine the cash flows from operating activities using the direct method. (Show amounts that decrease cash flow with either a sign e. 8. -15,000 or in parenthesis e.5. (15,000).) Graphene Plastics Company Statement of Cash Flows, Direct Method For the Year Ended October 31, 2020 Cash Flows from Operating Activities Cash Receipts from Customers Cash Paid for Interest HIP Cash Paid to Employees Cash Paid to Suppliers Net Cash Used for Operating Activities

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