Martinez Inc, a greeting card company that follows.ASPE, had the following statements prepared as at...
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Martinez Inc, a greeting card company that follows.ASPE, had the following statements prepared as at December 31, 2023: \begin{tabular}{|c|c|c|} \hline Accounts payable & $46,130 & $40,100 \\ \hline Income tax payable & 3,950 & 6.100 \\ \hline Salaries and wages payable & 8.080 & 4,080 \\ \hline Short-term loans payable & 8,150 & 10,170 \\ \hline Long-term loans payable & 74,000 & 89.000 \\ \hline Common shares & 130,000 & 130,000 \\ \hline Retained earnings & 42,265 & 36.000 \\ \hline Total liabilities and shareholders' equity & $312,575 & $315,450 \\ \hline \end{tabular} Additional information: Dividends on common shares in the amount of $3,400 were declared and paid during 2023. Dividends paid are treated as 1. financing activities: 2. Depreciation expense is included in operating expenses, as is salaries and wages expense of $72,500. 3. Equipment with a cost of $38,000 that was 70% depreciated was sold during 2023 . Prepare a statement of cash flows using the indirect method, (Show amounts that decrease cash flow with either a negative sign eg. 15,000 or in parenthesis es, (15,000)) eTextbook and Media
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