Easthoff, Incorporated provided the following balance sheet, income statement, and cash flow information for the current year. (Click the icon to view the balance sheet.) (Click the icon to view the cash flow information.) Requirement (Click the icon to view the income statement.) Prepare the statement of cash flows under the indirect method for Easthoff, Incorporated. Accrued expenses relate to Selling, General and Administrative Expenses. Complete the statement one section at a time, beginning with the cash flows from operating acti Easthoff, Incorporated Partial Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: Changes in Current Assets and Liabilities Net Cash Provided (Used) by Operating Activities Investing Activities: Net Cash Provided (Used) by Investing Activities Balance sheet Income statement Easthoff, Incorporated Easthoff, Incorporated Balance Sheet Income Statement At December 31 For the Year Ended December 31 Assets Current Assets Cash Ending Beginning Sales $ 80,085 48,051 Cost of Goods Sold $ 7,000 $ 3,500 $ 32.034 Accounts Receivable Merchandise Inventory 8,500 8,000 Gross Profit 2,300 4,000 Selling, General, and Administrative Expenses $ 10,700 1,700 2,400 2,200 Prepaid Expenses Depreciation Expense $ 19,500 $ $ 17,700 13,100 Total Current Assets Total Operating Expenses Income Before Interest and Taxes $ 18,934 Noncurrent Assets Investments $ 12,000 $ 24,300 Interest Expense (4,000) 75,000 58,000 Income Before Tax $ 14,934 Property, Plant, and Equipment-net $ 87,000 $ 82.300 Total Noncurrent Assets Income Tax Expense (7,334) $ Total Assets 106,500 $ $ 100,000 7,600 Net Income Liabilities Current Liabilities Accounts Payable Accrued Expenses $ 4,500 $ 1,000 Additional cash flow information 9,800 5,120 6,000 4,850 Income Taxes Payable Total Current Liabilities $ 20,300 $ 10,970 Description Noncurrent Liabilities Cash received on common stock issue Notes Payable $ 31,000 $ 42,630 Cash payments for dividends 31,000 Total Noncurrent Liabilities 42.630 Cash payment for acquisition of property, plant, and equipment abel or enter a zero.) Cash Inflow (Outflow) $ 5,700 (4,500) (19,400) Next