J L Preparation of statement of cash flows (format provided). The balance sheets for ABC Company showed the following information. Additional Information concerning transactions and events during 2011 are presented below. ABC Company Balance Sheet December 31 ABC Balance Sheet 2011 2010 Cash $30,900 $10,200 Accounts Receivable 43,300 20,300 $5.000 wwww Inventory 35,000 42,000 7 0 Lang Tam investments 15.000 15,000 Property Plant & Equipment 236,500 150,000 Accumulated Depreciation 37,700 25,000 www Total $308,000 $212,500 Accounts Payable $17,000 $26,500 Accrued Liabilities 21,000 17,000 Long term notas Payabla 70,000 50,000 50,000 Common Stock 130,000 50,000 Retained Larmings 70,000 29,000 Total 308,000 212.500 Additional data: Net income for the year 2011, $76,000. Depreciation on plant assets for the year, $12.700. Sold the king-term investments for $28,000 (assume gain or loss is ordinary) Paid dividends of $35.000 Purchased machinery costing $26,500, paid cash, Purchased machinery and gave a $60,000 long-term note payable. Paid a $40.000 long-term note payable by issuing common stock 1 1 Instructions Using the format provided on the next page, prepare a statement of cash flows (using the indirect method) for 2011 for ABC Company. ABC Company Statement of Cash Flows For the Year Ended December 31, 2011 Increase (Decrease) in Cash Cash flows from operating activities Net income S Adjustments to reconcile net income to not cash provided by operating activities. S Net cash provided (used) by operating activities Cash flows from investing activities Net cash provided (used) by investing activities Cash flows from financing activities Net cash provided (used) by financing activities Net increase (decrease) in cash Cash, January 1, 2011 Cash, December 31, 2011