Question 4: Stenback Media Corporation had the following income statement and balance sheet for year 2016: STENBACK MEDIA CORPORATION Income Statement Year Ended December 31, 2016 Sales Revenue $77,000 Depreciation Expense --Plant Assets 26,900 Other Expenses 48,500 Net Income $ 1,600 2015 STENBACK MEDIA CORPORATION Comparative Balance Sheet December 31, 2016 and 2015 2016 Assets Current Assets Cash $ 4,900 Accounts Receivable 9,100 Long-term Assets Plants Assets 108,250 Accumulated DepreciationPlant Assets (33,250) Total Assets $ 89,000 $ 4,100 8,100 80,350 (6,350) 5 86,200 Liabilities $ 6,500 $ 4,000 Current Liabilities Accounts Payable Long-term Labilities Notes Payable Total Liabilities 10,000 16,500 11,000 15,000 Stockholders' Equity Common Stock, no par 24,000 Retained Earnings 48,500 Total Stockholders' Equity 72,500 Total Liabilities and Stockholders' Equity $ 89,000 19,000 52,200 71,200 $ 86,200 Note: (a) The business issued a $4,600 note payable during year ended 31 December 2016. (b) There was no disposal of any plant assets during year ended 31 December 2016. Requirements: Prepare Cash Flow Statement using the indirect method for the year ended 31 December 2016. (15 marks) 5 6