Use the Preston Media Corporation data in Short Exercise S-F:14-7 and the results
you calculated from the requirements. Prepare Preston Media’s statement of cash
flows—indirect method—for the year ended December 31, 2024.

Data from S-F:14-7

Preston Media Corporation had the following income statement and balance sheet
for 2024:

Transcribed Image Text:

Sales Revenue Depreciation Expense--Plant Assets Other Expenses Net Income Long-term Assets: Plants Assets PRESTON MEDIA CORPORATION Income Statement Year Ended December 31, 2024 Current Assets: Cash Accounts Receivable Current Liabilities: PRESTON MEDIA CORPORATION Comparative Balance Sheet December 31, 2024 and 2023 Accumulated Depreciation-Plant Assets Total Assets Total Liabilities Accounts Payable Long-term Liabilities: Notes Payable Assets Common Stock, no par Retained Earnings Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 80,000 11,000 50,000 $ 19,000 2024 $5,000 9,600 105,350 (29,350) $ 90,600 $ 8,000 9,000 17,000 27,000 46,600 73,600 $ 90,600 2023 $ 3,900 5,100 84,350 (18,350) $ 75,000 $ 4,500 12,000 16,500 23,000 35,500 58,500 $ 75,000