Riley Company, Inc., has the following comparative balance sheet as of March 31, 2012. Selected transaction data

Question:

Riley Company, Inc., has the following comparative balance sheet as of March 31, 2012.

Selected transaction data for the year ended March 31, 2012, include the following:
a. Net income, $76,300
b. Paid long-term note payable with cash, $59,600
c. Cash payments to employees, $42,200
d. Loss on sale of land, $9,300
e. Acquired equipment by issuing long-term note payable, $13,500
f. Cash payments to suppliers, $147,300
g. Cash paid for interest, $3,400
h. Depreciation expense on equipment, $13,300
i. Paid short-term note payable by issuing common stock, $5,400
j. Paid cash dividends, $44,800
k. Received cash for issuance of common stock, $2,500
l. Cash received from customers, $297,300
m. Cash paid for income taxes, $12,300
n. Sold land for cash, $51,700
o. Interest received (in cash), $1,800
p. Purchased long-term investment for cash, $2,600
Requirements
1. Prepare the statement of cash flows for Riley Company, Inc., for the year ended March 31, 2012, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts except short-term notes payable result from operating transactions.
2. Also prepare a supplementary schedule of cash fl ows from operations using the direct method.