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Instructions: Prepare a statement of cash flows using the indirect method

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Part 2. Direct Method (7 points) Cougar Company has not yet prepared a formal statement of cash flows for the 2015 fiscal year. Comparative balance sheets as of December 31, 2014, and 2015, and a statement of income and retained earnings for the year ended December 31, 2015, are presented below.

Instructions: Prepare a statement of cash flows using the direct method. Changes in accounts receivable and in accounts payable relate to sales and cost of sales.

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