Acct 2301

/webapps/assessment/review/review.jsp?attempt id _385844 Prepare statement of cash flows using the indirect method the year 2017, Libby inc. Income statement For the year ended on December 31, 2017 $100,000 Cost of Goods Sold Loss on sale of land Supplies Expense Salaries Expense Income Tax Expense Total Expense Net income $61,000 5,000 1,000 8,000 10,000 3,000 $88.000 12,000 Libby Inc. Balance Sheet 2017 2016 Asset Cash Accounts R $44.000 18.000 29,000 30.000 50,000 60,000 100.000 Equipmen 37,000 Total Assets 276,000 155,000 25.000 800 Accounts Psyable Salaries Payable Notes Paysble, Long Term Common Stock Retained Earnings Total Liab. and SE 1,000 48.000 00.000 24.000 155,000 80.000 32.200 276,000 Additional Information 1. Bought equipment for cash, $23,000 2 Sold Land costing $15,000 only for $14,000 with loss on sale of land $1,000 3. Paid $10,000 on long term note payable. 4. Issue new shares of common 5. Declared 6. Purchased and paid a $3,800 dividend in cash a building by signing a notes payable for $100,000 What is cash flows from Operating activities Investing activities Financing activities Non-cash activities operating) linvesting] [financingl [noncash]