48 Chapter 11 The 2018 and 2017 comparative balance sheets and 2018 income statement of Queen Sacthael Corp. follow: LO23 PII-61A. (Larning Objecties 2,3: Prepare the statement of cash flows indirect met queen Supply Corp. Comparative Balance Sheets December 31 201-2017 IDecrease) 50,200 42,0008200 ool 4,300 I 1,400 56700 Inventorie 5000,700 Prepaid expenies 9 Plant assets 10 11Equipment,net 12 63,500 30 80037700 49,.000 700 assets 6,500 59200 23,900 D 2700038000 40 23 600 35700S 2 27,000 18,1008500 21 141-Accounts 15 Salary payab 6Other 17 Lone-term labit Notes payabe 1 9Stockholders-equity 20 Common stack.no.p 5,000 8 000 12,300 19200 119.100570 100 2 Total iablities and tockholders cquity Queen Supply Corp. Income Statement Year Ended December 31, 2018 Sales revenve 4 Expenses 5 Cost of roods sold 36,600 1000 800 -Salary epeng Deprciation expen Other operating e Interest cxpense 10 Income tax expense Total expenses 12 Net income 24 800 Queen Supply had no noncash investing and financing transactions during 2018. During the year, there were no sales of land or equipment, no payment of notes payable, no stock, and no treasury stock transactions retirements of Requirements 1. Prepare Queen Supply's 2018 statement of cash flows. Use the indirect method to foma operating activities 2. How can the concepts used in this problem help you evaluate an investment