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Cash flow from operating activities 837,000? Palindrome Corp has prepared the following comparative balance sheet statements for 2015 and 2016: 2016 2015 Cash 569,000 245,000

Cash flow from operating activities 837,000?

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Palindrome Corp has prepared the following comparative balance sheet statements for 2015 and 2016: 2016 2015 Cash 569,000 245,000 Accounts Receivable 427,000 316,000 Inventory 272,000 297,000 Prepaid Expenses 55,000 64,000 Plant Assets 2,830,000 2,508,000 Accumulated Depreciation (960,000) (852,000) Patent 103,000 122,000 3 296,000 2,700,000 Accounts Payable 248,000 267,000 Accrued Liabilities 102,000 78,000 Loan Payable 100,000 500,000 Preferred Stock 358,000 58,000 Additional Paid-in Capital - Preferred 112,000 12,000 Common Stock 1,164,000 1,164,000 Retained Earnings 1,212,000 621,000 3 296,000 2,700,000 The Accumulated Depreciation account has been credited only for the depreciation expense for the period. The Retained Earnings account has been charged for dividends of $210,000 and credited for the net income for the year. The income statement for 2016 is as follows: Sales Revenue 2,451,000 Cost of Sales 934,000 Gross Profit 1,517,000 Operating Expenses 716,000 Net Income 801,000 a) From the information above, prepare a statement of cash flows [indirect methodl for Palindrome for year ended December 31, 2016. b) From the information above, prepare a schedule of cash flows provided by operating activities using the direct method

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