O'Neill & Carter Co., Inc. Income Statement Year Ended Dec 31, 2012 Sales $602,000 Expenses: Cost of Goods Sold Depreciation Exp. Amortization Exp. Salaries Expense Rent Expense Interest Expense Income Tax Expense Total Expenses Net Income $322,000 $15,000 $13,000 $78,400 $21,000 $5,200 $56,000 $510,600 $91,400 O'Neill & Carter Co., Inc. Balance Sheet Dec 31, 2012 and Dec 31, 2011 2012 2011 Change Assets Cash Accts Rec Inventory Prepaid Rent Land Other Fixed Assets Accum Depr Patent Total Assets $19,900 $36,300 $148,200 $2,000 $32,000 $130,000 ($46,000) $41.000 $363,400 $16,000 $27,900 $123,900 $1,800 $22,000 $118,000 ($39,000) $54.000 $324,600 $3,900 $8,400 $24,300 $200 $10,000 $12,000 ($7,000) ($13,000) $38,800 Liabilities Accounts Payable Salaries Payable Interest Payable Taxes Payable Bonds Payable Total Liabilities $27,700 $6,200 $1,600 $6,800 $46,000 $88,300 $21,100 $5,700 $400 $7,600 $36,000 $70,800 $6,600 $500 $1,200 ($800) $10,000 $17,500 Stockholders Equity Common Stock Paid-in-Capital in Excess Retained Earnings Total Stockholders Equity Total Liabilities & Stockh $35,000 $140,000 $100,100 $275,100 $363,400 $32,000 $100,000 $121,800 $253,800 $324,600 $3,000 $40,000 ($21,700) $21,300 $38,800 No Land was sold in 2012 Cash was received through an issuance of Bonds Payable, 10,000. This cash was used later in 2012 to purchase Land. A Fixed Asset was sold for $4,100. Fixed Assets worth $12,200 were damaged in an accident in 2012. Insurance claims have been filed, but not paid as of 12/31/12 Total Cash Purchases of Fixed Assets $28,300 Cash Dividends Paid were $108,900 in 20112 Required: Prepare a Statement of Cash Flows for December 31, 2012 using the Direct Method and Indirect Method