just need the indirect method cash flow statement

ACC 204 | Spring 2023 Team Project 2 Requirements Statement of Cash Flows/ Chapter 15/Using the INDIRECT Method Due Date: Due no later than March 21, 2023, 6 pm | Post to the Assignments Section of Classes - One document per team | Post to Assignments Section of Classes - Include the first and last names of all team members - Be sure to use the standard format for the Statement of Cash Flows per Chapter 15 of the textbook. Context: Financial Accounting Standards Board (FASB) Standard \# 95 (FAS 95): Statement of Cash Flows FAS 95 requires a statement of cash flows to classify cash receipts and payments according to whether they stem from operating. investing, or financing activities and provides definitions of each category. Requirements 1. According to FAS 95 , what is the Purpose of the Statement of Cash Flows? What benefits does it provide to investors, creditors, and others? 2. Using the Indirect Method, prepare a statement of cash flows using the information provided below and the following these steps: Step 1: Determine Net Cash Flows from Operating Activities Step 2: Determine Net Cash Flows from Investing Activities Step 3: Present Net Cash Flows from Financing Activities Step 4: Reconcile Total Net Cash Flows to Change in Cash Balance during the Period according to the increase or decrease in Cash on the balance sheet for the two years (2021 minus 2020) Be sure to use the standard format for the Statement of Cash Flows per Chapter 15 of the textbook. Information Given - The Balance Sheet and Income Statement for 2021 and 2021 for Star Corporation are presented below. - Those financial statements include the following information (A) Star Corporation sold land with an original cost of $10,000 for $14,800 cash. (B) Star purchased a new pareel of land for $20,000 in exchange for a note payable. (C) Plant assets were parchased by Star for $40,000 cash. (D) Star declared and paid a $440 cash dividend to sharcholders. (E) Star issued (sold to the public) common stock in exchange for $45,000 cash. Star Corporation Consolidated Balance Sheet As of December 31, 2021 \begin{tabular}{|l|c|c|} \hline Assets & & \\ \hline Current assets: & 2021 & 2020 \\ \hline Cash & 547,500547,000 & 524,300 \\ \hline Accounts Receivable & 21,500 & 26,000 \\ \hline Inventory & 48,000 & 45,500 \\ \hline Pre-paid lnsurance & 2,500 & 1,800 \\ \hline Land & 20,000 & 10,000 \\ \hline Fixed Assets & 230,000 & 190,000 \\ \hline Accumulated Depreciation & (85,500) & (71,100) \\ \hline Net Fixed Assets & 144,500 & 118,200 \\ \hline Total Assets & 5284,000 & As \\ \hline \end{tabular} ACC 204 | Spring 2023 Team Project 2 Requirements Statement of Cash Flows | Chapter 15 | Using the INDIRECT Method Star Corporation Consolidated Income Statement For the Period Ending December 31, 2021 Revenue Gross sales Less: Cost of Goods Sold Gross Profit \begin{tabular}{|r|} \hline$238,000 \\ \hline 15,3000 \\ \hline \end{tabular} Operating Expenses Depreciation Expense Insurance Expense Salary Expense Other Expenses \begin{tabular}{|r|} \hline 14,400 \\ \hline 12,000 \\ \hline 42,600 \\ \hline 11,100 \\ \hline \end{tabular} Total Operating Expenses Net operating income Other Revenue and Expenses Gain on Sale of Land Minus Income Tax Expense Minus Interest Expense Total other income Net income (Loss) ACC 204 | Spring 2023 Team Project 2 Requirements Statement of Cash Flows/ Chapter 15/Using the INDIRECT Method Due Date: Due no later than March 21, 2023, 6 pm | Post to the Assignments Section of Classes - One document per team | Post to Assignments Section of Classes - Include the first and last names of all team members - Be sure to use the standard format for the Statement of Cash Flows per Chapter 15 of the textbook. Context: Financial Accounting Standards Board (FASB) Standard \# 95 (FAS 95): Statement of Cash Flows FAS 95 requires a statement of cash flows to classify cash receipts and payments according to whether they stem from operating. investing, or financing activities and provides definitions of each category. Requirements 1. According to FAS 95 , what is the Purpose of the Statement of Cash Flows? What benefits does it provide to investors, creditors, and others? 2. Using the Indirect Method, prepare a statement of cash flows using the information provided below and the following these steps: Step 1: Determine Net Cash Flows from Operating Activities Step 2: Determine Net Cash Flows from Investing Activities Step 3: Present Net Cash Flows from Financing Activities Step 4: Reconcile Total Net Cash Flows to Change in Cash Balance during the Period according to the increase or decrease in Cash on the balance sheet for the two years (2021 minus 2020) Be sure to use the standard format for the Statement of Cash Flows per Chapter 15 of the textbook. Information Given - The Balance Sheet and Income Statement for 2021 and 2021 for Star Corporation are presented below. - Those financial statements include the following information (A) Star Corporation sold land with an original cost of $10,000 for $14,800 cash. (B) Star purchased a new pareel of land for $20,000 in exchange for a note payable. (C) Plant assets were parchased by Star for $40,000 cash. (D) Star declared and paid a $440 cash dividend to sharcholders. (E) Star issued (sold to the public) common stock in exchange for $45,000 cash. Star Corporation Consolidated Balance Sheet As of December 31, 2021 \begin{tabular}{|l|c|c|} \hline Assets & & \\ \hline Current assets: & 2021 & 2020 \\ \hline Cash & 547,500547,000 & 524,300 \\ \hline Accounts Receivable & 21,500 & 26,000 \\ \hline Inventory & 48,000 & 45,500 \\ \hline Pre-paid lnsurance & 2,500 & 1,800 \\ \hline Land & 20,000 & 10,000 \\ \hline Fixed Assets & 230,000 & 190,000 \\ \hline Accumulated Depreciation & (85,500) & (71,100) \\ \hline Net Fixed Assets & 144,500 & 118,200 \\ \hline Total Assets & 5284,000 & As \\ \hline \end{tabular} ACC 204 | Spring 2023 Team Project 2 Requirements Statement of Cash Flows | Chapter 15 | Using the INDIRECT Method Star Corporation Consolidated Income Statement For the Period Ending December 31, 2021 Revenue Gross sales Less: Cost of Goods Sold Gross Profit \begin{tabular}{|r|} \hline$238,000 \\ \hline 15,3000 \\ \hline \end{tabular} Operating Expenses Depreciation Expense Insurance Expense Salary Expense Other Expenses \begin{tabular}{|r|} \hline 14,400 \\ \hline 12,000 \\ \hline 42,600 \\ \hline 11,100 \\ \hline \end{tabular} Total Operating Expenses Net operating income Other Revenue and Expenses Gain on Sale of Land Minus Income Tax Expense Minus Interest Expense Total other income Net income (Loss)