Looney Company is in the process of preparing financial statements for the year ended 12/31/X9. The income statement as of 12/31/X9 and comparative balance sheets are presented here.

Looney company

income Statement

As of 12/31/X9

Sales $6328

cost of good sold (4740)

Gross Profit 1,588

Selling Administrative expenses 895)

depreciation expense (140)

Earnings before interst and taxes 533

Interest Expense (100)

Earning before Tax 53

tax expense 108)

net imcome $345

Looney Company

balance sheet

December 31,20X9 and 20X8

Assets 20X9 20X8

Cash $485 $98

Account receivable 960 990

Inventories 1580 1802

Property, Plant and equipment 1710 1620

less: accumulated depreciation (390) (250)

Total Assets 4,345 4,260

Liabilities and owner"s equity

Account Payable $200 $545

interest payable 50 80

income tax payable 120 130

long term debt 1,500 1,430

Total liabilities $1870 $2185

capital in excess of par 1164 1120

common stock $1 par 291 280

Retained earnings 1,020 675

Total owner's equity $2,475 $2,075

Total liabilities and equities $4,345 $4,260

Additionan information:

a. Equipment was purchased for $90 in cash. b. Long-term debt of $70 was issued for cash. c. Looney issued eleven shares of common stock for cash during 20X9. Prepare Looneys statement of cash flows as of 12/31/X9 using the indirect method. Only the operating section.