nj Graphic Company, Inc., has the following comparative balance sheet as of March 31, 2017. (Click the icon to view the comparative balance sheets.) Requirements (Click the icon to view the transaction data.) 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.) ce Operating Activities: Graphic Company, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended March 31, 2017 nT Choose from any list or enter any number in the input fields and then continue to the next question. HI ng ati s fo fin edu nt d inve Balance Sheets A 1 2 3 B -> operati C D erating Graphic Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 ct meth esult fr Increase 2017 2016 (Decrease) a ti 4 Assets 5 Current assets: Stat 6 Cash $ 55,800 $ 14,400 $ 41,400 7 Accounts receivable 51,000 53,500 (2,500) 8 Inventory 65,300 59,600 5,700 9 Prepaid insurance 3,700 5,700 (2,000) umb 9 Print Done O Balance Sheets - X 10 Total current assets 175,800 133,200 op era 11 12 Land 34,000 97,000 (63,000) 13 Equipment, net 71,900 70,600 1,300 ctr esu 14 Investments 9,800 6,700 3,100 15 Total assets $ 291,500 $ 307,500 16 17 Liabilities 18 Current liabilities: 19 Accounts payable 30 Nota nouable chart from 9 $ 4,300 $ 3,200 1,100 42.000 40 FOOS (4.700 Print Done Balance Sheets - X 20 Note payable, short-term 43,800 48,500 $ (4,700) PE en 21 Income tax payable 14,000 15,700 (1,700) 22 Salary payable 9.500 12,500 (3,000) 23 Interest payable 8,700 6,900 1,800 es 24 Accrued liabilities 1,200 3,900 (2.700) 25 Total current liabilities 81,500 90,700 26 t 27 Long-term liabilities 28 Total liabilities 48,900 93,900 (45,000) 130,400 184,600 29 20 Stockholders' nauit.. mb 100 Print Done g i Balance Sheets tiv -X fd 26 in du 27 Long-term liabilities 48,900 93,900 (45,000) 28 Total liabilities 130,400 184,600 to 29 ve 30 Stockholders' equity a ti 31 Common stock 69,500 61,800 7,700 32 Retained earnings 91,600 61,100 30,500 stat 33 Total stockholders' equity 34 $ 161,100 $122,900 35 Total liabilities and equity $ 291,500 $ 307,500 umb Print Done co Live Transactions for G mand ule d Selected transaction data for the year ended March 31, 2017, include the following: a. Net income - - X $ 76,100 of ca vesti b. Paid long-term note payable with cash $ 59,400 c. Cash payments to employees $ 42,500 time d. Loss on sale of land . $ 9,600 e. Acquired equipment by issuing long-term note payable $ 14,400 catem f. Cash payments to suppliers. $ 148,800 For g. Cash paid for interest $ 3,200 h. Depreciation expense on equipment $ 13,100 i. Paid short-term nate.payable.by issuing common stock. $ 4,700 amber Print Done Co eb Transactions - - X rG and f. Cash payments to suppliers. $ 148,800 le d g. Cash paid for interest $ 3,200 h. Depreciation expense on equipment $ 13,100 f ca i. Paid short-term nate.payable. by issuing comman stock. $ 4,700 esti j. Paid cash dividends .... $ 45,600 me. k. Received cash for issuance of common stock ........ $ 1. Cash received from customers 3,000 $ 297,500 em m. Cash paid for income taxes . $ 11,700 For n. Sold land for cash $ 53,400 o. Interest received (in cash) $ 1,800 p. Purchased long-term investment for cash $ 3,100 per Print Done