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Prepare statement of cash flows - indirect method (Learning Objective 3) 20-25 min. The income statement and additional data of Specialized Services, Inc. follow: Specialized Services, Inc. Income Statement Year Ended June 30, 2015 $229,000 8,000 $237,000 Revenues: Sales Revenue Dividend Revenue Total Revenues Expenses: Cost of Goods Sold Salaries Expense Depreciation Expense Advertising Expense Interest Expense Income Tax Expense Total Expenses Net Income $103,000 45,000 28,000 12,000 2,000 9,000 199,000 $ 38,000 Additional data follow 9,000 HIVIO TOA CAPULSE Total Expenses Net Income 199,000 $ 38,000 Additional data follow: a. Acquisition of plant assets totalled $116,000. Of this amount, $ 101,000 was paid in cash and a $15,000 note payable was signed for the remainder. b. Proceeds from sale of land totalled $24,000. No gain was recognized on the sale c. Proceeds from issuance of common shares totalled $30,000. d. Payment of long-term note payable was $15,000. e. Payment of dividends was $11,000. f. Data from the comparative statement of financial position follow: June 30 2015 2014 Current Assets: Cash. $26,000 $20,000 Accounts Receivable 43,000 58,000 Inventory. 92,000 85,000 Current Liabilities: Accounts Payable.. $35,000 $22,000 Accrued Liabilities. 13,000 21,000 Requirements 1. Prepare Specialized Services' statement of cash flows for the vear ended.no an on Page 1 of 2 TOV statement Reg. 1 Specialized Services, Inc. Statement of Cash Flows Year Ended June 30, 2015 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: $38,000 Net cash provided by operating activities Cash flows from investing activities: Net cash used for investing activities (77,000) Cash flows from financing activities: Net cash used for investing activities (77,000) Cash flows from financing activities: Net cash provided by financing activities Net increase in cash Cash balance, June 30, 2014 Cash balance, June 30, 2015 $ 26,000 Req. 2 Page 2 of 2 2 12 View as Text D