Refer to Galley Corporations financial statements and related information in Problem 16-4A. Required Prepare a complete statement

Refer to Galley Corporation’s financial statements and related information in Problem 16-4A.

Required
Prepare a complete statement of cash flows; report its cash flows from operating activities according to the directmethod.

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GALLEY CORPORATION Comparative Balance Sheets December 31,2011 and 2010 2011 2010 Assets Cash. Accounts recelvable... .$ 174,000 $117,000 93,000 81.000 609,000 534,000 333,000 297,000 GALLEY CORPORATION Income Statement For Year Ended December 31,2011 quipment Accum. depreclation Equipment(56,000) (102.000) Total assets Liablities and Equity Accounts payable 69,000 $96,000 Gross profit Income taxes payable Common stock $2 par value582.000 8,Depreclation expense... $54,000 Paid-In capital in excess $1,053,000 $927000 Sales....a. $1,992,000 1,194,000 798,000 Cost of goods sold 27,000 24000 Operating expenses Other expenses.501000 555,000 243,000 42,000 $ 201.000 on stock 98,000 162,000 Income before taxes .. Retained earnings........177,000 87.000 Income taxes expense Total liabilities and equity. . . $1,053,000 $927,000 Net Income . . . . … .. . ..