Fleet Limousine Service Inc. began operations in late March 2011. At the end of 2011, the following balance sheet was prepared for Fleet.

Additional information:
1. During 2011, land was purchased for $11,000, a building was purchased for $175,000, and equipment was purchased for $233,400.
2. Depreciation expense for 2011 was $35,500.
3. The long-term note was issued for $100,000, and a principal payment of $5,000 was made during 2011.
4. Common stock was issued for $300,000 cash during 2011.
5. During 2011, there was a net loss of 17,200 and no dividends were paid.
Required:
1. Using a spreadsheet, prepare a statement of cash flows for 2011. Assume Fleet Limousine Service Inc use the indirect method.
2. Discuss whether Fleet Limousine Service Inc appear to have matched the timing of inflows and outflows of cash.

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Fleet Limousine Service Inc. Balance Sheets December 31, 2011 2010 ASSETS 26,200 15,000 Longterm inveshments Property, plant, and equipment: 11,000 175,000 233.400 $419400 (35,500 Accumulated depreciation Net property, plant, and equipment 383,900 $425,100 LIABILITIES AND EQUITY 12,700 2 Tolol current liabilities S 47,300 95,000 $142,300 Equity $300,000 282,800 $425,100