Using the data provided, prepare the 2016 statement of cash flow using both the direct and indirect formats for operating cash flows. Timeless Company Statements of Financial Position (In thousands) 12/31/2016 12131/2015 Current assets: $6,000 Cash and cash equivalents $25,700 2,500 Trading securities 2,950 17,850 17,700 Accounts receivable (net) 4,000 Notes receivable 1,500 12,300 10.250 Inventory 1,350 1,100 Prepaid income tax expense 43,600 Total current assets 59,600 43,600 Property, plant and equipment (net) 52,600 400 intangible assets 250 $112,450 $87,600 Total assets Current liabilities $5,500 $5,150 Trade accounts payable 5,350 Accrued wages payable 3,200 800 Interest payable 1,300 Current portion of note payable 1,500 11,650 Total current liabilities 11,150 Notes payable 5,750 7,500 4,500 Deferred revenue 27,500 28,500 Long-term debt Total liabilities 43,650 52,900 Stockholders' equity: 20,000 Common stock, no par 30,000 23,950 31,550 Retained earnings Treasury shares (2,000) 43,950 Total stockholders' equity 59,550 Total liabilities and stockholders' equity $112,450 $87,600 

Answer rating: 100% (QA)

Statement of Cash Flows for Timeless Company 2016 Direct Method Operating Activities Cash receipts f... View the full answer