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1. The following accounts and corresponding balances were drawn from Geneses Company's Year 2 and 1 year-end balance sheets: Account Title Year 2 Year 1
1. The following accounts and corresponding balances were drawn from Geneses Company's Year 2 and 1 year-end balance sheets: Account Title Year 2 Year 1 Accounts Receivable 565,000 $72,000 i Prepaid Rent $1,400 $1,950 Utilities Payable 53,200 3,800 Other op. Expenses Payable $27,000 $31.500 The Year 2 income statement is shown next Income Statement Sales $420,000 Rent Expense $52,000 Utilities Expense $45,300 Other Op Expenses $195,000 Net Income $127,700 a. Prepare the operating activities section of the statement of cash flows using the direct method. I b. Prepare the operating activities section of the statement of cash flows using the indirect method
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