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Below is an alphabetical list of account balances of Crazy Corporation as of December 31, 2019 and 2018 prior to the preparation of closing entries

Below is an alphabetical list of account balances of Crazy Corporation as of December 31, 2019 and 2018 prior to the preparation of closing entries and financial statements.

Account Title

December 31

2019

2018

Debit

Credit

Debit

Credit

Accounts Payable

35,500

31,300

Accounts Receivable

58,800

62,000

Accumulated Depreciation, Equipment

64,400

48,300

Allowance for Doubtful Accounts

2,100

2,000

Cash and Cash Equivalents

17,900

14,000

Common Stock, no-par

88,200

64,000

Cost of Goods Sold

185,100

175,845

Depreciation Expense

16,100

15,295

Dividends

62,200

62,200

Equipment

126,500

97,600

Income Tax Expense

29,300

27,835

Insurance Expense

24,600

23,370

Inventories

37,700

52,200

Land

69,100

22,100

Notes Payable

52,000

38,000

Other Operating Expense

50,100

47,595

Prepaid Insurance

1,700

3,900

Retained Earnings

23,000

35,095

Salary Expense

76,900

76,055

Salary Payable

30,000

21,100

Sales Revenue

438,000

416,100

Unearned Revenue

22,800

24,100

Totals

756,000

756,000

679,995

679,995

Question: Prepare a Statement of Cash Flows Using the Indirect Method.

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