WUF Mavis Co. on December 31, 2017 Mavis Co. Comparative Balance Sheets As of December 31, 2017 and 2016 Cash Accounts Receivable Inventory Prepaid Rent 12/31/2017 $6,000 61,800 12/31/2016 $6,900 50,900 Yoo Land Equipment Less: Accumulated Depreciation-Equip. Total Assets 40,300 5,100 35,200 205,500 -39,800 $314,100 60,600 3,900 17,900 181,700 -24,800 $297,100 Accounts Payable Income Taxes Payable Wages Payable LT Notes Payable Common Stock, $10 par Retained Earnings Total Liabilities & Stockholders' Equity $45,600 4,000 8,100 68,400 130,000 58,000 $314,100 $40,000 6,000 4,000 78,900 130,000 38,200 $297,100 Section III, continued Mavis Co. Income Statement For the Year Ended December 31, 2017 $336,275 Sales Cost of Goods Sold Gross Profit Wage Expense Depreciation Expense Selling, General & Admin. Exp. Operating Income Other Revenues and Expenses: 173,300 162,975 - 55,700 - 28,930 36,570 41,775 $11,400 Interest Expense Gain on Sale of Equipment Income before Tax Income Tax Expense Net Income 2,000 9,400 32,375 6,475 $25,900 Other available information: Equipment that had a cost of $19,900 and was 70% depreciated was sold during 2017. No Land was sold during the year. The company repaid principal on its notes payable during the year. There were no issuances of notes payable during the year. Dividends were declared and paid during the year. Required: Prepare the entire Statement of Cash Flows for Mavis Co. for the year ended December 31, 2017 sing the indirect method to calculate cash flows from operations. Please use the template provide on page 19 for your answer. b) Prepare only the Operating Section of the Statement of Cash Flows for Mavis Co. for the year e December 31, 2017 using the direct method to calculate cash flows from operations. Please us lemplate provided on page 21 for your answer. NOTE YOU ONLY NEED TO PREPARET OPERATING SECTION: NOT THE INVESTING AND FINANCING SECTION. WUF Mavis Co. on December 31, 2017 Mavis Co. Comparative Balance Sheets As of December 31, 2017 and 2016 Cash Accounts Receivable Inventory Prepaid Rent 12/31/2017 $6,000 61,800 12/31/2016 $6,900 50,900 Yoo Land Equipment Less: Accumulated Depreciation-Equip. Total Assets 40,300 5,100 35,200 205,500 -39,800 $314,100 60,600 3,900 17,900 181,700 -24,800 $297,100 Accounts Payable Income Taxes Payable Wages Payable LT Notes Payable Common Stock, $10 par Retained Earnings Total Liabilities & Stockholders' Equity $45,600 4,000 8,100 68,400 130,000 58,000 $314,100 $40,000 6,000 4,000 78,900 130,000 38,200 $297,100 Section III, continued Mavis Co. Income Statement For the Year Ended December 31, 2017 $336,275 Sales Cost of Goods Sold Gross Profit Wage Expense Depreciation Expense Selling, General & Admin. Exp. Operating Income Other Revenues and Expenses: 173,300 162,975 - 55,700 - 28,930 36,570 41,775 $11,400 Interest Expense Gain on Sale of Equipment Income before Tax Income Tax Expense Net Income 2,000 9,400 32,375 6,475 $25,900 Other available information: Equipment that had a cost of $19,900 and was 70% depreciated was sold during 2017. No Land was sold during the year. The company repaid principal on its notes payable during the year. There were no issuances of notes payable during the year. Dividends were declared and paid during the year. Required: Prepare the entire Statement of Cash Flows for Mavis Co. for the year ended December 31, 2017 sing the indirect method to calculate cash flows from operations. Please use the template provide on page 19 for your answer. b) Prepare only the Operating Section of the Statement of Cash Flows for Mavis Co. for the year e December 31, 2017 using the direct method to calculate cash flows from operations. Please us lemplate provided on page 21 for your answer. NOTE YOU ONLY NEED TO PREPARET OPERATING SECTION: NOT THE INVESTING AND FINANCING