The completed comparative balance sheets and income statement are summarized (meaning not in proper classified format) as follows: Balance Sheet at December 31 2016 2015 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation 32,000 28,000Ce 32,000 34,000 (3) 113,000 28,000 Deere 30,000 ,0 98,000 130,000) (25,000)so $ 179,000 165,000 Accounts Payable Wages Payable Notes payable, long-term Common Stock & APIC Retained Earnings 34,00 27,000 40,000 4,500 40,000 46,0006o F 2,500 73,000 29,500 24,500 500 O, r 63,000 10,o0O F 179,000 165,000 TRUE Income Statement for 2016 Cost of goods sold Wage expense Depreciation expense Other expenses Income tax expense S 145,000 94,000 21,000 5,000 8,000 4,000 $ 13,000 Net Income Additional Data: a. The company bought equipment for $15,000 cash. b. The company paid $6,000 on the long-term note payable c. The company issued new shares of stock for $10,000 cash. Required 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, 2016 2. Evaluate the statement of cash flows (where/how did company receive and spend cash, management level explanation) 3. Calculate the quality of income ratio and interpret the results-lthe company's prior year ratio was 112) did comas the co The completed comparative balance sheets and income statement are summarized (meaning not in proper classified format) as follows: Balance Sheet at December 31 2016 2015 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation 32,000 28,000Ce 32,000 34,000 (3) 113,000 28,000 Deere 30,000 ,0 98,000 130,000) (25,000)so $ 179,000 165,000 Accounts Payable Wages Payable Notes payable, long-term Common Stock & APIC Retained Earnings 34,00 27,000 40,000 4,500 40,000 46,0006o F 2,500 73,000 29,500 24,500 500 O, r 63,000 10,o0O F 179,000 165,000 TRUE Income Statement for 2016 Cost of goods sold Wage expense Depreciation expense Other expenses Income tax expense S 145,000 94,000 21,000 5,000 8,000 4,000 $ 13,000 Net Income Additional Data: a. The company bought equipment for $15,000 cash. b. The company paid $6,000 on the long-term note payable c. The company issued new shares of stock for $10,000 cash. Required 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, 2016 2. Evaluate the statement of cash flows (where/how did company receive and spend cash, management level explanation) 3. Calculate the quality of income ratio and interpret the results-lthe company's prior year ratio was 112) did comas the co