Question 3 The following balance sheet (BS) and income statement (1S) are available for Little Bit Inc. Prepare a statement of cash flows [CF) for 2016: Balance Sheet December 31 2015 5 40,000.00 48,000.00 5 43,000.00 19,000.00 5 24,000.00 41,500.00 5 34,500.00 15,000.00 Receivable Inventory Total Current Assets Plant and Less accumulated depreciation Plant and Equipment ( Long-Term Investments 23,000.00) 38,000.00 5 89,000.00 41,000.00) 5 90,000.00 Total Assets Accounts Payable Accrued Liabilities 5 13,000.00 55,000.00 68,000.00 25,000.00 5 4,000.00 97,000.00 5 11,000.00 71,000.00 5 82,000.00 8,000.00 5 3,500.00 93,500.00 5 97,000.00 51,500.00 Total Current Liabilities Long-Term Debt Deferred Taxes Common Stock ($1 par) and additional paid-in capital 57,000.00 Total Liabilities and Equity Income Statement for 2016 Sales Cost of goods sold 5 83,000.00 Gross Profit Selling and administrative 45,700.00 ion 63,700.00 8,300.00 5 2,000.00 Total Operating Expenses Interest Expense s before tax Tax Expense Net Income 800.00 500.00