The following balance sheet and income statement data were taken from the records of L. L. Beeno
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The following balance sheet and income statement data were taken from the records of L. L. Beeno for the year ended December 31, 2015:
Prepare the operating section of the statement of cash flows, and present it under both the direct and indirectmethods.
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2015 2014 BALANCE SHEET Cash Accounts receivable Inventory Prepaid insurance 3,000 2,800 4,500 7,800 900 $16,700 $16,000 26,000 $45,700 $42,000 5,600 7,300 3,400 5,600 7,500 600 Total current assets Machinery (net) 29,000 Total Accounts payable Wages payable BALANCE SHEET 4,500 Total current liabilities Bonds payable (net) Capital stock Retained eanings $10,100 $10,700 14,800 5,000 11,500 $45,700 $42,000 14,000 5,000 16,600 Total INCOME STATEMENT Revenues Cost of goods sold Gross profit Wage expense Insurance expense Interest expense Depreciation expense Net income before taxes Tax expense Net income $47,000 25,000 $22,000 (6,200) (4,200) (1,600) (3,300) S 6,700 1,200 $ 5,500
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