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Problem 2 (15%): Statement of Cash Flows The income statement for the year ended December 31, 2019 and the balance sheet on December 31. 2019
Problem 2 (15%): Statement of Cash Flows The income statement for the year ended December 31, 2019 and the balance sheet on December 31. 2019 and 2018 are presented below for Brown Company. Prepare the statement of cash flows for 2019 using the indirect method. Brown Company Income Statement For the Year Ended December 31, 2019 Revenues COGS Depreciation expense Other operating expenses Income before income taxes Income tax expense Net income $6,500 2,200 800 2.700 800 350 $450 Brown Company Balance Sheet December 31, 2019 and 2018 2019 2018 Assets: Cash A/R Inventories Net Plant & Equip. Total Assets $650 770 835 1,450 $3705 $130 610 870 1,770 $3380 Liabilities & Equity: A/P LT debt Common Stock Retained Total Liab. & Equity $520 375 1,260 1,550 $3.705 $500 320 1,260 1.300 $3.380 WRITE YOUR ANSWER BELOW THIS LINE
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