Requirements:

1. Prepare the statement of cash flows of Mary McGuire Design studio for the year ended June 30 2016 using the indirect method of reporting operating activities. Also prepare the accompanying schedulee of noncash investing and financing activities. All current accounts except notepayable, short term, result from operating transactions.

2. Prepare a supplementary schedule showing cash flows from operating by the direct method. The accounting records provide the following: collections from customers $282,300; interest received $1,100; payments to suppliers $174,800. Payments to employees $39,400; payments to income tax $12,500; payment of interest $4,200.

4 Of 4 (3 complete) HW S ta Table Comparative Balance Sheets June 30, Increase 2016 2015 (Decrease) Current assets: $ 28,100 S 2,400 S 25,700 16,400 57,900 900 37,500 97,600(60,100) 1,000 14.500 S 308,500 $ 252,200 $56,300 Cash 48,200 31,800 98,300 40,400 3,100 2,200 Accounts receivable Prepaid expenses Land 74,200 73.200 19,1004,600 Equipment, net Print Done