Prepare Using Indirect method

Total METRO COMPANY Comparative Balance Sheet Dec 31 Cash Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Assets Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Paid in Capital in Excess of Par Retained earnings Total METRO COMPANY Income Statement For the Year Ended December 31, 2011 Income taxes Interest expense Net income Sales Less: Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense 2011 $41,000 26,000 25,000 7,500 2,500 50,000 -20,000 $132.000 $360,000 2010 $23,000 34,000 15,000 7,500 2,500 78,000 -24,000 $136.000 $15,000 $23,000 13,000 8,000 7,000 33,000 41,000 24,000 10,000 10,000 46,000 38,000 $132.000 $136.000 $280,000 24,000 12,000 12,000 4,000 332,000 $28.000 Additional information: Old plant assets costing $28,000 were sold for $12,000 cash when book value was $12,000. Prepare a Statement of Cash Flows for Metro using the indirect method.

Additional information: Old plant assets costing $28,000 were sold for $12,000 cash when book value was $12,000. Prepare a Statement of Cash Flows for Metro using the indirect method