Condensed financial data follow for E-Perform Ltd. Additional information: 1. New equipment costing.

Condensed financial data follow for E-Perform Ltd. Additional information: 1. New equipment costing $85,000 was purchased for $25,000 cash and a $60,000 note payable. 2. Equipment with an original cost of $57,500 was sold at a loss of $7,500. 3. Notes payable matured during the year and were repaid. 4. E-Perform records any gains and losses on its long-term equity investment as other comprehensive income. There were no purchases or sales of long-term equity investments during the year. Instructions Prepare a cash flow statement for the year using the indirect method. TAKING IT FURTHER If a company has a loss, does that also mean that there has been a net reduction in cash from operating activities? Explain.

 

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