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The comparative balance sheets of Sally Fagan Design Studio, Inc., at June 30, 2016, and 2015, and transaction data for fiscal 2016, are as follows: EEB (Click the icon to view the comparative balance sheet (Click the loon to view the transaction data.) Read the requirements. (Click the icon to view the transaction data.) Requirement 1. Prepare the statement of cash flows of Sally Fagan Design Studio, Inc., for the year ended June 30, 2016, using the indirect method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities. All current accounts except Notes Payable, short-term, result from operating transactions. Start by completing the cash flows from operating activities using the indirect method. Then complete the statement of cash flows. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Sally Fagan Design Studio, Inc. Statement of Cash Flows (Indirect Method) Year Ended June 30, 2016 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Data Table 0 More Into cal 2016, a Transaction data for the year ended June 30, 2016, follows a. Net income, $70,600 b. Depreciation expense on equipment, $13,200 C. Purchased long-term investment with cash, $14,600 d. Sold land tor 39,900, including $6,900 loss . Acquired equipment by issuing long-term note payable, $13,600 f Paid long-term note payable, $59,000 Sally Fagan Design Studio, Inc. Comparative Balance Sheets e June 30, sing the indb. Increase 2016 2015 (Decrease) flows. (Use sh.) Current assets: $ 28,400$ 10,800$7,600 48,800 31,500 17,300 5,600 a. Received cash for lissuance of common stook, $6,900 h. Paid cash dividends, $37,700 i. Paid short-term note payable by issuing common stock, $7,000 Inventories 68,500 62,900 400 2,400(2,000) 43,100 89,900 (46,800) 74,100 73,700 19,200 4,600 Prepaid expenses Land Equipment, net Long-term investment Print Done 14,600 $ 282,500 275,800 $6,700 Requirements Current liabilities: Notes payable, short-term Accounts payable Income tax payable Accrued liabilities 13,200 20,200 $ (7,000) 9,400 40,400(11,000) (900) 38,100 14,900 00 1. Prepare the statement of cash flows of Sally Fagan Design Studio, Inc., for the year ended June 30, 2016, using the indirect method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities. All current accounts except Notes Payable, short-term result from operating transactions. 3,800 14,700 2. Prepare a supplementary schedule showing cash flows from operations by the dwect method. The accounting records provide the following: collections from customers, $231,600; interest received, $1,200; payments to suppliers $95,100; payments to employees, $39,100; payments for income tax, $12,100; and payment of interest, $4,400. Print Done Data Table The 16, are as follows: 48,800 31,500 68,500 62,900 400 2,400 43,100 89,900 74,100 73,700 4,600 17,300 5,600 (2,000) (46,800) 400 14.600 6,700 Accounts receivable Read t Requ Prepaid expenses indtirect method to report operatin g activities. Also prepar e the accompanying schedule of Land Equipment, net Long-term investment Stert (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) 19,200 S 282,500 $ 275,800 $ Current liabilities: Cas Notes payable, short-term Accounts payable Income tax payable Accrued liabilities Interest payable Salary payable S 13,200 20,200$(7,000) 29,400 40,400 (11,000) (900) 23,200 1,600 (600) 48,800 94,200 (45,400) 13,900 32.900 6,700 13,800 14,700 38,100 14,900 ,1002,500 4,900 4.300 Long-term note payable Common stock Retained eanings 65,100 51,200 65,700 32,800 S 282,500 275,800 $ Print Done Choo