Redford Billboard Company, Inc. has the following comparative balance sheet as of March 31, 2017 Click the icon to view the companive blance sheets.) Click the icon to view the transaction date Requirements 1. Prepare the statement of cash flows for Redford Balboard Company, Inc. for the year ended March 31, 2017, using the indirect method for operating cash Rows. Include a schedule of noncash investing and financing activities At of the current accounts, except short-term notes payable result from operating transactions 2. Also prepare a supplementary schedule of cash fows from operations using the direct method Requirement 1. Prepare the statement of cash flows for Redford board Company, Inc., for the year ended March 31, 2017, using the indrect method for operating cash flows include a schedule of noncash investing and financing activities. All of the current accounts, except short-term fotos payable, result from operating Wansactions Prepare the statement one section at a time. (Ute parents or a minun sign for numbers to be traced) Redford bilboard Company, Ine. Statement of Cash Flows indirect Method) For the Year Ended March 31, 2017 Operating Activities Operating Activities: Adjustments to reconcile net income to cash basis = Net cash provided by used for) operating activities Investing Activities Netcash provided by used for investing activites Financiare Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year Schedule of Disclosures Noncash investing and financing activities: Total noncash investing and financing activities Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sign for numbers to be subtracted) Redford Billboard Company, Inc. Statement of Cash Flows-Operating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Statement of Cash Flows-Operating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Net cash provided by (used for) operating activities Balance Sheets A B D 1 2 Redford Billboard Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 3 4 2017 2016 Increase (Decrease) Assets 5 Current assets: 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 Total current assets 40,900 (1,600) $ 55,600 $ 14,700 $ 51,500 53,100 65,800 60,300 4,300 5,400 5,500 (1,100) 177,200 133,500 11 Balance Sheets 95,000 (60,500) 12 Land 13 Equipment, net 14 Investments 34,500 71,100 9,200 900 70,200 6,500 2,700 15 Total assets $ 292,000 $ 305,200 16 17 $ Liabilities 18 Current liabilities: 19 Accounts payable 20 Note payable, short-term 21 Income tax payable 22 Salary payable 23 Interest payable 4,600 $ 43,900 14,100 9,100 3,300 48,900 $ 15,700 12,100 1,300 (5,000) (1,600) (3,000) 1,100 8,300 7,200 i Balance Sheets X 0,300 7,200 T, TUU zu meresi payapre 24 Accrued liabilities 25 Total current liabilities 3,300 3,800 (500) 83,300 91,000 26 (44,600) 27 Long-term liabilities 28 Total liabilities 29 48,700 132,000 93,300 184,300 30 Stockholders' equity 31 Common stock 32 Retained earnings 33 Total stockholders' equity 34 69,600 61,500 90,400 59,400 $ 160,000 $ 120,900 8,100 31,000 35 Total liabilities and equity $ 292,000 $ 305,200 i Transactions X Selected transaction data for the year ended March 31, 2017, include the following: a. Net income 76,600 b. Paid long-term note payable with cash $ 59,400 C. Cash payments to employees $ 42,600 d. Loss on sale of land 9,000 e. Acquired equipment by issuing long-term note payable $ 14,800 f. Cash payments to suppliers $ 144,100 g. Cash paid for interest 3,000 h. Depreciation expense on equipment $ 13,900 1. Paid short-term note payable.by issuing common stock... $ 5,000 j. Paid cash dividends $ 45,600 k. Received cash for issuance of common stock $ 3,100 Lcaeh civad from cuetamare 204 600 i Transactions $ d. Loss on sale of land 9,000 e. Acquired equipment by issuing long-term note payable $ 14,800 f. Cash payments to suppliers $ 144,100 g. Cash paid for interest $ 3,000 h. Depreciation expense on equipment $ 13,900 i. Paid short-term note payable.by issuing common stock... 5,000 1. Paid cash dividends $ 45,600 k. Received cash for issuance of common stock $ 3,100 1.Cash received from customers $ 294,600 m. Cash paid for income taxes $ 12,400 n. Sold land for cash $ 51,500 o. Interest received (in cash) 1,500 p. Purchased long-term investment for cash 2,700