Fly Company provided the following the and homelement for the current year (ick the love the new) Click the con to view the come statement) Requirement Prepare the operating section of the show statement using the direct method Accredoperes relate to Soling, General and Administrative pers. (Una minus signor parentheses for any cash flow and ornet cash used by operating card in the statement, the boy do not let wel or enter a ro) Fly Auto Parts Partial Statement of Chow (Dret Method For the Year Ended December 31 Operating Activities Net Cash Provided by Operating Activities Fly Company Balance Sheet At December 31 Ending Beginning $ 36,200 $ 5,300 3,900 5,200 8,500 1,400 $ 45,400 $ 13,100 $ 32,900 $ 51,800 5.900 63,000 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Noncurrent Assets Investments in Bonds Property, Plant, and Equipment - net Total Noncurrent Assets Total Assets Llabilities Current Liabilities Accounts Payable Accrued Expenses Income Taxes Payable Total Current Liabilities Noncurrent Liabilities $ 84,700 $ 68.900 $ 130,100 $ 82,000 $ 3,500 $ 6,600 1,100 4,100 4,500 500 $ 11,200 $ 9.100 $ 31,300 $ 26.000 $ 31,300 $ 26.000 5 42.500 5 35.100 Notes Payable Total Noncurrent Liabilities Total Liabilities Stockholders' Equity Common stock. $1 Par Value Additional Paid-in Capital Retained Earnings Total Stockholders' Equity $ 10.500 $ 12,600 64.500 87.600 S 9.500 9,000 28.400 5 48.900 Total Liabilities and Stockholders' Equity $ 130 100 $ 82.000 Fly Company Income Statement For the Year Ended December 31 Sales 95,000 39,000 Cost of Goods Sold $ Gross Profit 68.000 $ 10,000 5,700 Selling, General, and Administrative Expenses Depreciation Expense Total Operating Expenses Income Before Interest and Taxes $ 15.700 $ 40,300 (2 200) Interest Expense Income Before Tax $ 38,100 (2.000) Income Tax Expense $ 36,100 Net Income