20ACCT.pdf Ask Copilot 15 of 16 CD Question #7 Statement of Cash Flows - Indirect Method compilation (16 points) You have been asked to prepare the Statement of Cash Flows for Justin Corporation using the indirect method for the year ended December 31, 2016. Balance Sheet and Income Statement information is provided below for 2016 and 2015. BALANCE SHEET Cash 12/31/16 12/31/15 $140,000 $ 96,000 Accounts receivable 180,000 208,000 Merchandise inventory 194.000 130,000 Land 20,000 110,000 Buildings and equipment $380,000 $380,000 Less accumulated depreciation (192.000) 188,000 (152,000) 228,000 $722.000 $772.000 Accounts payable Accrued expenses payable Bonds payable Common stock (no par) Retained earnings $ 90,000 $ 48,000 176,000 196,000 180,000 300,000 108,000 108,000 168.000 120.000 $722,000 $772.000 INCOME STATEMENT 12/31/16 Sales $5,200,000 Cost of sales 4,552,000 Selling expenses and administrative expenses 356,000 Depreciation expense 40,000 Loss on sale of land 24,000 Other expenses 104.000 Net income $ 124,000 Additional Information: (A) Land with an original cost of $90,000 was sold for $66,000 during 2016. (B) $120,000 of bonds payable reached maturity and were retired (paid off) during 2016. (C) Dividends declared and paid for the year were $76,000. Required: On the answer sheet on the following page, prepare the Statement of Cash Flows in 2016 for Justin Corporation using the indirect method for operating activities. You may not need to use every space provided on the sheet! Please also show subtotals for each category of operating, investing, and financing activities. QType to search L Ask Copilot 16 Justin Corporation Statement of Cash Flows (indirect method) For the year ended December 31, 2016 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Net change in cash Beginning cash balance Ending cash balance QType to search DC