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The following information is for Splish Ltd$.$ for the year ended June $30,2024.$p

SPLISH LTD$.$

Statement of Financial Position

As at June $30$

$20242023$

Assets

Current assets:

Cash $$60,000$ $$47,500$

Accounts receivable $96,80063,100$

Inventory $85,000100,000$

Total current assets $241,800210,600$

Equipment $157,400116,500$

Accumulated depreciation, equipment $(29,100)(23,700)$

Land $167,000200,000$

$$537,100$ $$503,400$

Liabilities and shareholders' equity

Current liabilities

Accounts payable $$47,800$ $$70,700$

Dividends payable $19,5008,100$

Total current liabilities $67,30078,800$

Bank loan payable $117,500166,000$

Common shares $164,900111,300$

Retained earnings $187,400147,300$

$$537,100$ $$503,400$

SPLISH LTD$.$

Statement of Income

For the year ended June $30,2024$

Sales revenue $$451,000$

Cost of goods sold $213,000$

Gross profit $238,000$

Expenses

Wages expense $$64,400$

Depreciation expense $18,600$

Rent expense $20,800$

Income tax expense $19,200123,000$

Operation income $115,000$

Gain on sale of equipment $5,000$

Net income $$120,000$

Additional information:

Land was sold at cost and none was purchased during the year.

In January, Splish sold for cash equipment that had an original cost of $$26,000$ and a net

carrying amount of $$12,800.$

$($a$)$

Using the information above, prepare the statement of cash flows for Splish Ltd$.$ for the year

ended June $30,2024,$ using the indirect method. $($Show amountsthat decrease cash flow with

either a $-$sign e$.$g$.-15,000$ or in parenthesis e$.$g$.(15,000).)$

SPLISH LTD$.$

Statement of Cash Flows, Indirect Method

For the Year Ended June $30,2024$

Cash Flows from O

Net Income $

$

b$.$ Determine the cash flows from operating activities using the direct method. $($Show amounts

that decrease cash flow with either a $-$sign e$.$g$.-15,000$ or in parenthesis e$.$g$.(15,000).)$

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