Question: Prepare the statement of cash flow using direct methods. The following are the statements for Ocoee Oil Company for the year ending December 31,2011. The

Prepare the statement of cash flow using direct methods. The following are the statements for Ocoee Oil Company for the year ending December 31,2011. The balance sheets end December 31,2010 & 2011.

SILDEMEMT of cash flows (direct or indirect method). (LO 2. 3. 4, 5. 6. 7 balance sheets at December 31, 2010 and 2011. Prepthe income statements for Ocoee Oil Company for the year ended December wing are the inc at nco and the balance sheets at 3, 4, 5, 6, 7). ember 31, Ocoee Oil Company Income Statement For the Year Ended December 31, 2011 Cost of goods sold . Gross margin . Other expenses: Wages and salaries Depreciation and depletion . Miscellaneous. .. Total other expenses 63,000 87,000 4,500 48,900 ....38,100 8,200 Income before taxes Income taxes . Income taxes . . . .$29,900

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