Statement of cash flows using the indirect method

Problem 1. Preparation of Basic Financial Statements Below is an alphabetical list of account balances of Kemper Supply Corporation as of December 31, 2015 and 2016 prior to the preparation of closing entries and financial statements. REQUIRED A (10 Pointstotal) 1. Column 1- Type of Account- Identify each account listed as an Asset (A), a Contra-Asset (CA), a Llability (L), an Equity (EQ), a Revenue (R), or an Expense (EXP). Column 2-Financial Statement-Identify each account listed as going on the Balance Sheet 2. (BS), Income Statement (IS) or Statement of Retained Earnings (RE). December 31 Type of Financial Account Statement Account Title 2016 2015 Debit Credit Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation, Equipment Allowance for Doubtful Accounts Cash and Cash Equivalents Common Stock, no-par Cost of Goods Sold 35,500 31,300 58,800 62,000 64,400 48,300 2,100 2,000 CA 17,900 14,000 88,200 64,000 185,100 16,100 62,200 126,500 29,300 24,600 37,700 69,100 175,845 15,295 62,200 97,600 27,835 23,370 52,200 22,100 E X Exp S Depreciation Expense E Dividends A Equipment EXP IS Ex Income Tax Expense Insurance Expense Inventories Land Notes Payable Other Operating Expense 52,000 38,000 50,100 47,595 1,700 3,900 Prepaid Insurance 23,000 35,095 Retained Earnings Salary Expense Salary Payable Sales Revenue Unearned Revenue Totals 76,900 76,055 21,100 30,000 438,000 22,800 416,100- 24,100 756,000 756,000 679,995 679,995 Page 2 of 7