Graphic Company, Inc. has the following comparative balance sheet as of March 31, 2017 (Click the icon to view the comparative balance sheets.) Click the icon to view the transaction data.) Requirements 1. Prepare the statement of cash flows for Graphic Company, Inc., for the year ended March 31, 2017, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating transactions. 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. Requirement 1. Prepare the statement of cash flows for Graphic Company, Inc., for the year ended March 31, 2017, using the Indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating transactions. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted.) Graphic Company, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended March 31, 2017 Operating Activities: Choose from any list or enter any number in the input fields and then continue to the next question i Balance Sheets 1 A B D propera operatin 2 Graphic Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 irect me 3 result 2017 2016 Increase (Decrease) SL 4 Assets 5 Current assets: 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid insurance $ 56,000 $ 14,600 $ 51,200 53,800 65,300 59,900 3,600 5,200 41,400 (2,600) 5,400 (1.600) hu Print Done onments 21 o 0 Balance Sheets - M 10 Total current assets 176,100 133,500 11 12 Land er (62,000) 1,800 13 Equipment, net 14 Investments 34,500 96,500 72,000 70,200 9,400 6,600 $ 292,000 $ 306,800 2,800 15 Total assets 16 S 17 Liabilities 18 Current liabilities: 19 Accounts payable $ 4,900 $ 3,800 1.100 nu Anna Tanie Print Done onments -X Balance Sheets 43,800 pr lor 14,200 20 Note payable, short-term 21 Income tax payable 22 Salary payable 23 Interest payable 9,000 8,200 1,500 48,700 $ 15,200 12,000 6,800 3,100 89,600 (4,900) (1,000) (3,000) 1,400 (1.600) ire . 24 Accrued liabilities 25 Total current liabilities 81,600 26 48,900 (44,900) 27 Long-term liabilities 28 Total liabilities 93,800 183,400 130,500 29 Ctoolholderetasit Print Done nments (2) Hi Balance Sheets brop. opera 26 e 93,800 (44,900) 48,900 130,500 183,400 irect res 27 Long-term liabilities 28 Total liabilities 29 30 Stockholders' equity 31 Common stock 32 Retained earnings 33 Total stockholders' equity 34 7,700 69,200 61,500 92,300 61,900 $ 161,500 $ 123,400 30,400 35 Total liabilities and equity $ 292,000 $ 306,800 ul Print Done following omparati Transactions h flows to g and find y schedu Selected transaction data for the year ended March 31, 2017, include the following: bperating ce erating tran atement d cash inve Et method fc esult from a cion at a ti a. Net income 76,300 b. Paid long-term note payable with cash 60,200 C. Cash payments to employees S 42,900 d. Loss on sale of land 9,800 e. Acquired equipment by issuing long-term note payable 15,300 Cash payments to suppliers. $ 143,500 9. Cash paid for interest S 3,400 h. Depreciation expense on equipment S 13,500 1. Paid short-term nate payable.by issuing comman stock. $ 4,900 Stat any nume Print Done Accionments swing arati i Transactions -X lows fo and fin sched bperatin erating mento ash inve Et metho esult fror at a ti f. Cash payments to suppliers. $ 143,500 g. Cash paid for interest $ 3,400 h. Depreciation expense on equipment $ 13,500 i. Paid short-term nate payable by issuing common stock. $ 4,900 j. Paid cash dividends $ 45.900 k. Received cash for issuance of common stock ........ $ 2,800 I Cash received from customers $ 295,600 m. Cash paid for income taxes $ 11,600 n. Sold land for cash $ 52.200 o. Interest received (in cash) 1.100 p. Purchased long-term investment for cash ...... $ 2,800 ---- Stat ny nume Print Done Assignments (12) o @