ement for FOX Company follow view the income statement) Data table Cash Accounts Receivable Inventory Accounts Payable Wages Payable Question 1 of 26 This qu FOX Company Account Balances as at December 31 2015 2014 $ 29,400 $ 4,500 34,700 19,100 14,800 20,600 15,200 19,400 3,500 1,500 Print Done HUAWEI Dont for FOX Company follow: ow the income statement.) Data table FOX Company Income Statement For the Year Ended December 31, 2015 Sales $ 243,000 Cost of Goods Sold $ 180,200 Wages 44,000 Supplies 5,700 Property Taxes 2,700 Utilities 2,100 Loss on Disposal of Equipment 4,500 Depreciation of Capital Assets 3,600 242,800 Net Income $ 200 Print Done HUAWEI This X or FOX, using the indirect method. ing with ny 5 More info Flows mber 31 In addition, the following information is available: Accounts Payable balances resulted from merchandise inventory purchases. The book value of the equipment was $13,100. Signed a 6%, 10-year note payable in exchange for a building with a market value of $88,000. Issued 2,000 new common shares at $10 per share. 5800 (3900) 239100 Print Done - X A Company folow on to view the account balano) (Click the icon to view the income statement) additional information) CHD Requirement 1. Prepare a statement of cash flows for FOX, using the indirect method Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be sued) FOX Company Statement of Cash Flows For the Year Ended December 31, 2015 Cash flows from operating activitie Net incone Adjustments to reconale net income to netsh provided by opening activities Depreciation of capital assets Loss on disposal of capital ass Increase in accounts receivable Decrease in accounts payable Increase in wages payable Decrease in inventory Net cash provided by (used for) operating activities 243000 3000 4500 (15000) (4200) 2000 5800 3000) 230100 Cash flows from investing advies Proceeds from disposal of capital assets Net cash provided by (used for) investing activitie Cash flows from financing activities Proceeds from issuance of common shares Time Remaining: 001553 Next Decrease in inventory Net cash provided by (used for) operating activities Cash flows from investing activities Proceeds from disposal of capital assets Net cash provided by (used for) investing activities Cash flows from financing activities Proceeds from issuance of common shares Not cash provided by (used for) financing activities Not increase (decrease) in cash during the year Cash balance, December 31, 2014 Cash balance, December 31, 2015 Noncash investing and financing activities 5800 3000) 230100 Requirement 2. Prepare the cash flow from operating activities section by using the direct method FOX Company Statement of Cash Flows For the Year Ended December 31, 2015 Cash flows from operating activities Receipts Time R Cash balance December 31, 2014 Cash balance December 31, 2015 Noncash investing and financing activities Requirement 2. Prepare the cash flow from operating activities section by using the direct method FOX Company Statement of Cash Flows For the Year Ended December 31, 2015 Cash flows from operating activities Receipts Collections from customers Total cash receipts Payments Payments to suppliers Payments for supplies Payments for property taxes Payments for utilities. CHES Total cash payments Net cash provided by (used for) operating activities Time Remain