10 minutes please

Question 3 [30 points) Use the Star Inc financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2014, using the indirest method Additional Information: a. Purchased machinery for $33,000 cash b. Sold the long-term investment on January 1, 2014 for $49,000. Sold machinery for 515.000 cash that had originally cost $51.000 and had $41.500 of accumulated depreciation d. Issued 348,000 of bonds payable at face value. The short-term investment is a treasury bill that was purchased with maturity in 30 days (select one) Statement of Cash Flows select one) Cash flows from operating activities Star Inc Comparative Balance Sheet Information December 31 Assets 2014 2013 Cash 202.200 220,000 Short-term investments 33,000 22.000 Accounts receivable 109.500 64.000 Merchandise inventory 23.900 48.000 Long term investment 0 25.000 Machinery 272.000 290,000 Accumulated depreciation (117.800) 120,000) Total assets 603.100 548,000 Adjust to reconcile net income to cash provided by opet. Cash flows from investing activities Cash flows from financing activities Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity 32.600 61,000 22,000 34,000 48.000 0 313.000 313.000 187.500 140,000 803.100 348.000 Net increase (decrease in cash Cash at beginning of year. Cash at end of yest Starina Income Statement For Year Ended December 31, 2014 Sales 820.000 Cost Of Goods Sold 720.000 Depreciation expense 39.000 Other expenses 43.000 (002,000) Gain on sale of long-term investment 24,000 Gain on sale of machinery 5,500 Net Income 47.500 Question 3 [30 points Use the Star Ine financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method Additional information a. Purchased machinery for $33,000 cash Sold the long-term investment on January 1, 2014 for $49.000 c Sold machinery for $15,000 cash that had originally cost $51,000 and had 341,500 of accumulated depreciation dud 348,000 of bonds payable atrace value The short-term investment is a very bill that was purchased with maturity in 30 days (select one) Statement of Cash Flows (select one) Cash flows from operating activities Star Ino Comparative Balance Sheet Information December 31 Assets 2014 2013 Cash 282,200 220,000 Short-term investments 33.000 23,000 Accounts receivable 109,500 64,000 Merchandise inventory 23,900 48,000 Long term investment 0 25,000 Machinery... 272.000 290,000 Accumulated depreciation (117,500) (120,000) Total assets. 603,100 548,000 Adjust. to reconcile net income to cash provided by oper. X Cash flows from investing activities Cash flows from financing activities Liabilities and Equity Accounts payable.. Dividends payable Bonds payable. Share capital Retained earnings.. Total liabilities and equity... 32,800 22.000 48,000 313,000 187,500 803,100 61.000 34,000 0 313,000 140,000 548,000 Net increase (decrease) in cash Cash at beginning of year Cash at end of year Enter 820,000 Star Inc Income Statement For Year Ended December 31, 2014 Sales Cost Of Goods Sold 720,000 Depreciation expense 39,000 Other expenses 43,000 Gain on sale of long-term investment.... Gain on sale of machinery. Net income (802,000) 24,000 5,500 47,500