Prepare, in good form, a Statement of Cash Flows using the indirect method.

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Name Date Course and Section Assignment ACC 508 HW #2 ACC 508 HW#2 Statement of Cash Flows Carlo's Cleaning Company Comparative Balance Sheet December 31, 2016 and 2015 ASSETS Current Assets: Cash & Cash Equivalents Accounts Receivable Merchandise Inventory Long-term Assets: Property, Buildings & Equipment Less: Accumulated Depreciation Total Assets LIABILITIES Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities STOCKHOLDERS' EQUITY Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities & Stockholders' Equity 2016 2015 $22,000 90,000 143,000 $42,000 73,000 145,000 507,000 252,000 (47,000) (42,000) $715,000 $470,000 $90,000 $50,000 5,000 10,000 160,000 80,000 $255,000 $140,000 $370,000 $250,000 110,000 80,000 (20,000) 0 $460,000 $330,000 $715,000 $470,000 Carlo's Cleaning Company Income Statement For the year ended December 31, 2016 Net Sales $286,000 Cost of Goods Sold 156,000 Gross Profit $130,000 Operating Expenses: Salaries and Wages Expense $56,000 Depreciation Expense - Plant Assets 20,000 Other Operating Expenses 16,000 Total Operating Expenses 92,000 Total Operating Income $38,000 Other Revenue and Expenses: Interest Revenue Dividend Revenue Gain on Disposal of Plant Asset Interest Expense Total Other Revenue and Expenses Income Before Income Taxes Income Tax Expense Net Income $12,000 9,000 10,000 (15,000) 16,000 $54,000 14,000 $40,000 Additional Information: A. Purchased $310,000 in plant assets by paying cash B. Sold plant assets with a cost of $55,000, accumulated depreciation of $15,000, yielding a gain on disposal of plant asset of $ C. Received $90,000 cash from issuance of notes payable. D. Paid $10,000 cash to retire a note payable. E. Received $120,000 cash from issuing shares of common stock. F. Paid $20,000 cash for purchase of treasury stock. Required: Prepare, in good form, a Statement of Cash Flows using the indirect method. Formatting: Do NOT use cents (.00) in any records. Journal entries, adjusting and closing entries do not contain dollar signs or cents. Amounts DO contain commas. Financial Statements do NOT contain cents but amounts DO contain commas. The \"rules\" for dollar signs are: o First number in a new column includes a dollar sign. o Use a dollar sign after a straight line (an amount for a subtotal). o Use a double underline and a dollar sign for totals on all financial statements. Refer to the text for proper headings and format of financial statements. Submission Information: Submit the assignment in Excel. Include your Name, Date, ACC Course, and Homework #2 in the upper left corner. Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN \"DRAFT\" STATUS. There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process. n disposal of plant asset of $10,000. contain commas. pper left corner. mailed to the instructor. ete the submission process. Name Date Course and Section Assignment ACC 508 HW #2