29 Jun Question 1.Based on the following inf
Question
1.Based on the following information, prepare a statement of cash flows for Year 2 using the indirect
method. (20 points)
The CFS Corporation
Comparative Balance Sheet
As of December 31, Year 1 and Year 2
December 31,
Year 1
Assets
Current assets
Cash
Accounts receivable
Inventories
Total current assets
Property, plant, and equipment
Land
Building and equipment
Accumulated depreciation
Total property, plant,and equipment
Total Assets
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable
Total current liabilities
Noncurrent liabilities
Bonds payable
Notes payable
Total noncurrent liabilities
Shareholders’ equity
Common stock
Retained earnings
Total shareholders’ equity
Total Liabilities and Shareholders’ Equity
Year 2
$ 10,000
20,000
15,000
45,000
$30,000
15,000
20,000
65,000
10,000
100,000
(10,000)
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