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The income statement and additional data of Norcross Travel Products, Inc., follow: (Cliek the ion to view the income statement) C (Click the icon to
The income statement and additional data of Norcross Travel Products, Inc., follow: (Cliek the ion to view the income statement) C (Click the icon to viow the additional data) Requirements 1. Prepare Norcross' statement of cash flows for the year ended December 31, 2021, using the indirect method. 2. Evaluate the company's cash flows for the yoar, In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. Requirement 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2021, using the indiroct method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the noncash investing and financing activities. parentheses or a-minus sign for numbers to be subtracted and for a net decrease in cash.) Income Statement Year Ended December 31, 2021 Revenues: Service revenue Dividend revenue Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense Net income \$ 239,000 8,600$247,600 100,000 63,000 25,000 4,300 2,400 9,000 203,700 $43,900 Print Done More info a. Acquisition of plant assets was $170,000. Of this amount, $140,000 was paid in cash and $30,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $34,000. c. Proceeds from the issuance of common stock totaled $80,000. d. Payment of a long-term note payable was $12,000. e. Payment of dividends was $16,000. f. From the balance sheets: d. Payment of a long-term note payable was $12,000. e. Payment of dividends was $16,000. f. From the balance sheets: Requirement 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2021, using the indirect method Start by completing the cash flows from operating activities. Then comploto each section of the statement of cash fiows, including the noncash investing and financing activities. parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Noreross Travel Products, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: rear tenced vecemper 31,20
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