65 Module 5 Homework Problem 1 From the following information for Brayden's Bobbles, prepare a Statement of Cash Flows for the year ended December 31, 2018 using the indirect method Balance 12/31/18 Balance 12/31/17 Cash Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Common Stock ($1 each) Retained Earnings Sales Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Utilities Expense Insurance Expense Interest Expense Income Tax Expense 71,900 78,000 70,000 3,600 340,000 80,000 120,000 12,000 35,000 6,000 8,000 6,500 10,000 130,000 300,000 120,000 1,200,000 700,000 220,000 48,000 46,000 60,000 15,000 6,000 15,000 27,000 18,900 45,000 90,000 2,600 290,000 20,000 10,000 30,000 10,000 4,000 7,500 5,000 150,000 160,000 70,000 The land was acquired on March 31, 2018 for cash. The additional common stock was sold on September 30, 2018 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The Note Payable requires payments of $20,000 principal plus interest at 10% on June 30th of each year