Portions of the financial statements for Hawkeye Company are provided below. Required: 1. Prepare the cash flows

Question:

Portions of the financial statements for Hawkeye Company are provided below.

Required:

1. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the direct method.

2. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the indirect method.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...