The 2011 and 2012 balance sheets and related income statement of Watson and Holmes Detective Agency follow:
Question:
The 2011 and 2012 balance sheets and related income statement of Watson and Holmes Detective Agency follow:
RequiredPrepare a statement of cash flows under both the direct and indirect methods for 2012.
Transcribed Image Text:
2012 2011 BALANCE SHEET ASSETS S 6,000 2,000 (500) 10,000 11,000 (2,000) $26,500 Cash Accounts receivable Less: Allowance for doubtful accounts S10,000 7,000 (1,000) 8,000 12,000 (4,000) $32,000 Inventory Long-lived assets Less: Accumulated depreciation Total assets LIABILITIES AND SHAREHOLDERS EQUITY S 6,000 2,000 10,000 (1,000) 6,000 3,500 $26,500 Accounts payable Deferred revenues $5,000 1,000 10,000 Long-term note payable Less: Discount on note payable Common stock Retained earnings Total liabilities and shareholders' equity (800) 12,000 4,800 $32,000 INCOME STATEMENT $42,000 (24,000) (2,000) (3,000) (2,000) (9,000) S2,000 Revenues Cost of goods sold Depreciation expense Interest expense Bad debt expense Other expense Net income
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