EXERCISE 13-7 Comparative Prepare a Statement of Cash Flows (Indirect Method) (LO2, LO3) financial statement data for Holly Company are given below December 31 2002 2001 Cash Accounts receivable . 36 75 29 61 180 Plant and equipment (40)30) $285 $247 ..45 90 150 $ 39 70 138 $247 Total liabilities and stockholders' equity . . ..$285 For 2002, the company reported net income as follows: Less cost of goods sold . . Gross margin Less operating expenses $500 . ..300 200 180 Net income Dividends of $8 were declared and paid during 2002. There were no sales of plant and equipment during the year Required: Using the indirect method, prepare a statement of cash flows for 2002. EXERCISE 13-8 (Appendix 13A) Net Cash Provided by Operating Activities (Direct Method) (LO4) Refer to the data for Holly Company in Exercise 13-7 Required Using the direct method, convert the company's income statement to a cash basis