Preparing an income statement and a statement of cash flows. The year's condensed financial statement data for

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Preparing an income statement and a statement of cash flows. The year's condensed financial statement data for Vincent Company appear in Exhibit 4.27. Expenditures on new plant and equipment for the year amounted to $60,000.LO1.

a. Prepare an income statement (including a reconciliation of retained earnings) for the year.

b. Prepare a statement of cash flows for Vincent Company using the indirect method of computing cash flow from operations. Support the statement of cash flows with a T-account work sheet.

c. Comment on the pattern of cash flows from operating, investing, and financing activities.

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