The following balance sheet and income statement data were taken from the records of Steeler and Jones
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The following balance sheet and income statement data were taken from the records of Steeler and Jones for the year ended December 31, 212:
Prepare the operating section of the statement of cash flows, and present it under both the direct and indirectmethods.
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2012 2011 BALANCE SHEET $ 6,400 11,900 14,100 1,300 S 33,700 52,000 S 85,700 S 7,400 13,000 15,600 Cash Accounts receivable Inventory Prepaid rent Total current assets 900 S 36,900 66,000 S102,900 Equipment (net) Total $ 9,200 4,500 1,500 6,500 S 21,700 16,500 20,000 27,500 S 85,700 S 14,600 6,800 1,300 8,700 S 31,400 24,300 25,000 22,200 S102,900 Accounts payable Wages payable Interest payable Unearned revenue Total current liabilities Bonds payable (net) Capital stock Retained earnings Total INCOME STATEMENT S 87,400 46,700 S 40,700 S(13,200) (11,000) (1,900) (5,700) 5,200 S 14,100 4,800 S 9,300 Revenues Cost of goods sold Gross profit Wage expense Rent expense Interest expense Depreciation expense Plus: Gain on sale of equipment Net income before taxes Тах еxpense Net income
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