Data Table Lesley Leary Design Studio, Inc. Comparative Balance Sheets Increase June 30, 2015 (Decrease) Current assets Cash Accounts receivable Inventories Prepaid expenses Land Equipment, net Long-term investment 28,900 $ 2,400 $ 28,100 22,300 97.900 60,800 1.400 2,800 35,000 99,800 74,600 73.700 19.700 285,600 $ 266,900 $ 26,500 5,800 37.100 (1.400) (64 800) 900 14,600 18,700 5,100 Current liabilities: Notes payable, short-term Accounts payable Income tax payable Accrued liabilities 12,900 $ 23,600 $ 29,700 41.100 14,000 14,500 16.900 10,000 4,200 2,600 4.800 2,900 50,500 95,000 65,400 53,100 87,200 24.100 285,600 $ 266,900 $ (10.700) (11.400) (500) 6.900 1.600 1.900 (44.500) 12,300 63.100 Interest payable Salary payable Long-term note payable Common stock Retained earnings 18,700 Jet202884 View https://saintle brighispace.com/ d e/content/83969/view Transaction data for the year ended June 30, 2016, follows: a. Net income, $70,500 b. Depreciation expense on equipment. $13,600 c. Purchased long-term investment with cash. $14,600 d. Sold land for $57,400, including $7,400 loss e. Acquired equipment by issuing long-term note payable, $14,500 f. Paid long-term note payable, $59,000 g. Received cash for issuance of common stock. $1.600 h. Paid cash dividends, $7.400 i. Paid short-term note payable by issuing common stock, $10.700 Print Done Clear All Question Help The comparative balance sheets of Lesley Leary Design Studio, Inc., at June 30, 2016, and 2015, and transaction data for fiscal 2016 are as follows: (Click the icon to view the comparative balance sheet) Click the icon to view the transaction data.) Read the requirements Requirement 1. Prepare the statement of cash flows of Lesley Leary Design Studio, Inc., for the year ended June 30, 2016, using the indirect method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities. All current accounts except Notes Payable, short-term, result from operating transactions. Start by completing the cash flows from operating activities using the indirect method. Then complete the statement of cash flows. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Lesley Leary Design Studio, Inc. Statement of Cash Flows (Indirect Method) Year Ended June 30, 2016 Cash flows from onerating activities Choose from any list or enter any number in the input fields and then click Check Answer. Check Answer 5 Clear All parts remaining Activity Details