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create a cash flow statement Question #7 Statement of Cash Flows - Indirect Method compilation (16 points) You have been asked to prepare the Statement

image text in transcribedcreate a cash flow statement
Question #7 Statement of Cash Flows - Indirect Method compilation (16 points) You have been asked to prepare the Statement of Cash Flows for Justin Corporation using the indirect method for the year ended December 31, 2016. Balance Sheet and Income Statement information is provided below for 2016 and 2015 BALANCE SHEET Cash Accounts receivable OA Merchandise inventory OA Land CA Buildings and equipment Less accumulated depreciation OA 12/31/16 $140.000 180,000 194.000 20,000 1P215 S 96.000 208.000 130.000 110,000 $380,000 (192.000) $380,000 (152.000) 188,000 $722.000 228.000 $772.000 A Accounts payable OA Accrued expenses payable Bonds payable FA Common stock (no par) Retained earnings FA $ 90,000 176,000 180,000 108,000 168.000 $722.000 $ 48,000 196,000 300.000 108,000 120.000 $772.000 INCOME STATEMENT Sales Cost of sales Selling expenses and administrative expenses Depreciation expenseOA Loss on sale of land Other expenses Net income OA 12/31/16 $5,200,000 4,552,000 356,000 40,000) 24.000 104.000 S 124.000 Additional Information: (A) Land with an original cost of $90,000 was sold for $66,000 during 2016. (B) S120,000 of bonds payable reached maturity and were retired (paid off) during 2016. (C) Dividends declared and paid for the year were $76,000. Required: On the answer sheet on the following page, prepare the Statement of Cash Flows in 2016 for Justin Corporation using the indirect method for operating activities. You may not need to use every space provided on the sheet! Please also show subtotals for each category of operating, investing, and financing activities

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