1. create statements of cash flows (indirect and direct method) (Learning Objectives 1, 2, & 3)
   1. Graphic Company, Inc., has the following comparative balance sheet as of March 31, 2021.

A B C Graphic Company, Inc. WNY Comparative Balance Sheets March 31, 2021 and 2020 A Assets 2021 2020 Increase (Decrease) 5 Current assets: 6 Cash 55,400 $ 14,900 40,500 Accounts receivable 51,600 53,300 (1,700) Inventory 64,900 59,800 5,100 9 Prepaid insurance 4,100 5,300 (1,200) 10 Total current assets $ 176,000 $ 133,300 11 12 Land 34,000 95,500 (61,500) 13 Equipment, net 71,500 70,400 1,100 14 Investments 9,800 6.900 2,900 15 Total assets $ 291,300 $ 306,100 16 17 Liabilities 18 Current liabilities: 19 Accounts payable S 4,900 $ 3,500 1,400 20 Note payable, short-term 43,200 48,500 (5,300) 21 Income tax payable 13,800 15,100 1,300) 22 Salary payable 9,400 12,400 (3,000) 23 Interest payable 8,200 7,000 1,200 24 Accrued liabilities 2,600 3,700 1,100) 25 Total current liabilities 82,100 $ 90,200 26 27 Long-term liabilities 48,300 93,700 45,400) 28 Total liabilities $ 130,400 $ 183,900 29 30 Stockholders' equity 31 Common stock 69,400 61,900 7,500 32 Retained earnings 91,500 60,300 31,200 33 Total stockholders' equity $ 160,900 $ 122,200 34 35 Total liabilities and equity ur 291,300 $ 306,100 36