Question: To prepare the statement of cash flows accountants for Four

To prepare the statement of cash flows, accountants for Four Star Electric Company have summarized 2014 activity in two accounts:


Four Star Electric’s 2014 income statement and balance sheet data follow:


Four Star Electric Company
Selected Balance Sheet Data
December 31, 2014


Requirements
1. Prepare the statement of cash flows of Four Star Electric Company for the year ended December 31, 2014, using the direct method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities.
2. Use Four Star Electric’s 2014 income statement and balance sheet to prepare a supplementary schedule of cash flows from operating activities by using the indirectmethod.
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  • CreatedJuly 25, 2014
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