statement of cash flows using DIRECT method for operating activities

A1 Queen Supply Corp. Comparative Balance Sheets December 31, 2018 2017 (Decrease 2 4 Current assets: 17,800 9,00 8,800 8,200 13,400 (2,700 Cash and cash equivalents 42,000 43,300 5,000 50,200 6 Accounts receivable 56,700 2,300 7 Inventories 8 Prepaid expenses 9Plant assets. 10 Land 68,500 53,700 30,800 49,000 7,700 5 200 5 179,100 0100 uipment, net 249, 12 Total assets 13 Current liabilities 14 Accounts payable 15 Salary payable 16 Other accrued liabilities 17 Long-term liabilities: 18 Notes payable 19 Stockholders' equity: 20 Common stock, no-par 26 50015-9200 8,900 S 35,700 -$ 27,000 18,100 23,900 2.700) 21,200 65,000 88,000 27,00038,000 64,40023,600 19,200(6900) 5 249200 5 179100 5 70100 21 Retained earnings 2,300 22 Total liabilities and stockholders equity 23 A1 Queen Supply Corp. Income Statement Year Ended December 31, 2018 2 Revenues: 3 Sales revenue 4 Expenses: 5 Cost of goods sold 6 Salary expense 7 Depreciation expense 8 Other operating expense 9 interest expense 10 | Income tax expense 11 Total expenses S 439,000 186,600 77000 16,800 49,600 24,800 28,700 12 Net income 13 383,500 55,500