1. Account balances and supplemental information for the Bighorn Corporation as of December 31, 2017, are given below:

Accounts Payable .......................................	$ 75,900
Accounts Receivable ....................................	141,600
Accumulated Depreciation--Equipment ....................	84,000
Bonds Payable ..........................................	300,000
Cash ...................................................	243,900
Common Stock ...........................................	1,560,000
Deferred Income Tax Liability (noncurrent) .............	6,900
Dividends Payable ......................................	45,000
Equipment ..............................................	840,000
Income Taxes Payable ...................................	91,500
Inventory ..............................................	395,100
Investment in Land .....................................	510,000
Investment in Stock of Subsidiary ......................	492,000
Note Payable ...........................................	120,000
Notes Receivable .......................................	150,000
Prepaid Insurance ......................................	7,200
Retained Earnings ......................................	453,600
Salaries and Wages Payable .............................	42,900

(a)	The Bonds payable represent $300,000 of 10 year 12% bonds
(b)	40,000 shares of $30 par value common stock were sold for $1,560,000.
(c)	$120,000 was borrowed from the bank on a 5-year, 10% note payable dated December 31, 2017. The loan is to be repaid in 10 semiannual payments of $12,000 plus interest, with the first payment due June 30, 2002.

Required: Prepare a properly classified balance sheet in report form for Bighorn Corporation as of December 31, 2017.

2. The following is a comparative balance sheet for Top Ten Clothiers Inc. for the years 2016 and 2017:

Top Ten Clothiers Inc. Comparative Balance Sheet December 31, 2016 and 2017
Assets	2017	2016
Cash ..................................	$ 473,000	$ 240,000
Accounts receivable ...................	390,000	210,000
Inventory .............................	320,000	450,000
Long-term investments .................	0	120,000
Total assets ........................	$1,183,000	$1,020,000
Liabilities and Equities
Accounts payable ......................	$ 150,000	$ 240,000
Operating expenses payable ............	48,000	30,000
Bonds payable .........................	140,000	200,000
Common stock ..........................	250,000	250,000
Retained earnings .....................	595,000	300,000
Total liabilities and equities ......	$ 1,183,000	$1,020,000

The income statement for the year ended December 31, 2017, follows:

Top Ten Clothiers Income Statement For the Year Ended December 31, 2017
Sales		$1,500,000
Cost of Goods Sold		750,000
Gross profit on sales .................		$ 750,000
Operating expenses ....................		360,000
Operating income ......................		$ 390,000
Other revenues and expenses:
Loss on sale of long-term investment		(5,000)
Net Income..............................		385,000

Required: Prepare a statement of cash flows for 2017 using the direct method for the operating section.