P23-3

P23-3 (L02) EXCEL SCF-Direct Method Morton Company has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Comparative balance sheets as of December 31, 2016 and 2017, and a statement of income and retained cimings for the year ended December 31, 2017. are presented as follows. MORTONSON COMPANY SEATMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017 (500 METTED Salaries and benefits Retained cumingan 1,27 k dividendiderlandandi Retained earning-Dec 31, 2017 COMPARATIVE BALANCE SHEETS US T ry available Legs Land Muigandet Accumulated depreciatica-building and equipment Tolong Problems 1385 COMPARATIVE BALANCE SHEETS Libilities and Stockholders' Equity Current Long- m y e du 2009 Stockholders' equity ***]8278821831 **218 219 22:31 Total Totalt desequit and holders equity Instructions Prepare a statement of cash flows using the direct method. Changes in accounts receivable and accounts payable relate to sales and cost of goods sold. Do not prepare a reconciliation schedule