Meera Ltd.'s comparative statements of financial position are presented below. Meera Ltd. Comparative Statements of Financial Position December 31 2020 2019 Land $ 20,000 $ 26,000 Buildings 70,000 70,000 Accumulated depreciation—buildings (15,000) (10,000) Accounts receivable 20,800 23,400 Cash 17,660 10,700 Total $113,460 $120,100 Share capital—ordinary $ 75,000 $ 72,000 Retained earnings 26,090 20,000 Accounts payable 12,370 28,100 Total $113,460 $120,100 Additional information: 1. Net income was $22,590. Dividends declared and paid were $16,500. 2. All other changes in non‐current account balances had a direct effect on cash flows, except the change in accumulated depreciation. 3. The land was sold for $5,000. Instructions: Prepare a statement of cash flows for 2020 using the indirect method.

Meera Ltd.'s comparative statements of financial position are presented below. Meera Ltd. Comparative Statements of Financial Position December 31 2020 2019 Land $ 20,000 $ 26,000 Buildings 70,000 70,000 Accumulated depreciation—buildings (15,000) (10,000) Accounts receivable 20,800 23,400 Cash 17,660 10,700 Total $113,460 $120,100 Share capital—ordinary $ 75,000 $ 72,000 Retained earnings 26,090 20,000 Accounts payable 12,370 28,100 Total $113,460 $120,100 Additional information: 1. Net income was $22,590. Dividends declared and paid were $16,500. 2. All other changes in non‐current account balances had a direct effect on cash flows, except the change in accumulated depreciation. 3. The land was sold for $5,000. Instructions: Prepare a statement of cash flows for 2020 using the indirect method.

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Chapter9: Long-term Liabilities

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Problem 62BE: Brief ExerciseRatio Analysis Valiant Corporation has $1,800,000 in total liabilities, $800,000 of...

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Meera Ltd. Comparative Statements of Financial Position December 31
Land	$ 20,000	$ 26,000
Buildings	70,000	70,000
Accumulated depreciation—buildings	(15,000)	(10,000)
Accounts receivable	20,800	23,400
Cash	17,660	10,700
Total	$113,460	$120,100
Share capital—ordinary	$ 75,000	$ 72,000
Retained earnings	26,090	20,000
Accounts payable	12,370	28,100
Total	$113,460	$120,100

Instructions:

Prepare a statement of cash flows for 2020 using the indirect method.

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Meera Ltd. Comparative Statements of Financial Position December 31
	2020	2019
Land	$ 20,000	$ 26,000
Buildings	70,000	70,000
Accumulated depreciation—buildings	(15,000)	(10,000)
Accounts receivable	20,800	23,400
Cash	17,660	10,700
Total	$113,460	$120,100
Share capital—ordinary	$ 75,000	$ 72,000
Retained earnings	26,090	20,000
Accounts payable	12,370	28,100
Total	$113,460	$120,100