P11-70B. (Learning Objectives 2, 4, 5, 6: Preparing an Income Statement, Balance Sheet, and statement of cash flows—direct method) Use the Slick Automobiles of Dubai, Inc., data from Problem 11-69B.

Requirements 1. Prepare Slick’s Income Statement for the year ended December 31, 20X6.

2. Prepare Slick’s Balance Sheet at December 31, 20X6.

3. Prepare Slick’s statement of cash flows for the year ended December 31, 20X6. Format cash flows from operating activities by using the direct method.