Question: (Learning Objectives 2, 4, 5, 6: Preparing an income statement, balance sheet, and statement of cash fl owsdirect method) Use the Sweet Automobiles of Dubai,

(Learning Objectives 2, 4, 5, 6: Preparing an income statement, balance sheet, and statement of cash fl ows—direct method) Use the Sweet Automobiles of Dubai, Inc., data from Problem 12-69B.

❙ Requirements 1. Prepare Sweet’s income statement for the year ended December 31, 20X6.

2. Prepare Sweet’s balance sheet at December 31, 20X6.

3. Prepare Sweet’s statement of cash fl ows for the year ended December 31, 20X6. Format cash fl ows from operating activities by using the direct method.

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