%E11-30B (similar to) Question Help The income statement and additional data of Norcross Travel Products, Inc., follow: 3 (Click the icon to view the income statement.) i (Click the icon to view the additional data.) Requirements 1. Prepare Norcross' statement of cash flows for the year ended December 31, 2018, using the indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. Requirement 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2018, using the indirect method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) i Data Table i More Info Norcross Travel Products, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation Norcross Travel Products, Inc. Income Statement Year Ended December 31, 2018 Additional data: a. Acquisition of plant assets was $150,000. Of this amount, $99,000 was paid in cash and $51,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $48,000. c. Proceeds from the issuance of common stock totaled $36,000 d. Payment of a long-term note payable was $15,000. e. Payment of dividends was $12,000. f. From the balance sheets: Revenues: Service revenue $ Decrease in accounts receivable 239,000 9,000 $ 248,000 Decrease in inventory Increase in prepaid expenses Increase in accounts payable Dividend revenue Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense December 31, 2018 2017 Increase in accrued liabilities Net cash provided by used for) operating activities 98,000 63,000 33,000 4,400 3,300 10,000 $ Current assets: Cash $ $ 90,000 40,000 48,000 10,000 5,800 55,000 69,000 8,900 Accounts receivable Inventory Prepaid expenses Income tax expense 211,700 36,300 Net income Current liabilities: Print Done $ $ Accounts payable Accrued liabilities 39,000 17,000 20,000 14,000 Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts Clear All 4 remaining Print Done