Leia, Inc. has prepared the following comparative balance sh…
Leia, Inc. has prepared the following comparative balance sheets for 20X3 and 20X4: Leia, Inc.’s income statement for 20X4 is as follows: Additional information: Leia sold equipment with cost of $40,000 and that was 50% depreciated for $30,000. Leia purchased patents valued at $30,000 by issuing 4,000 shares of common stock. Operating expenses on the income statement includes depreciation expense and amortization expense. Any inventory purchased is on account and recorded in the Accounts Payable account. The Accrued Liabilities account is used to record any payables associated with operating expenses. Required: Complete the following tasks. In good form, prepare a statement of cash flows (using the indirect method to depict operating cash flows) for Leia, Inc. for the year ended December 31, 20X4. Calculate the following cash flows to be shown in the cash flows from operating activities section of the statement of cash flows for 20X4 using the direct method. List your answers in the following order. Cash received from customers Cash paid to suppliers Cash paid for taxes Cash paid for operating expenses