To prepare the statement of cash flows, accountants for Ronklin Electric Company have summarized 2018 activity in two accounts:
Ronklin Electric’s 2018 income statement and data follow:
Requirements
1. Prepare the statement of cash flows of Ronklin Electric for the year ended December 31, 2018, using the direct method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities.
2. Use Ronklin Electric’s 2018 income statement and information from its selected data to prepare a supplementary schedule of cash flows from operating activities using the indirect method.
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