Presented below are the comparativeDecember 31 financial statements for Noland Plumbing (in $Millions). Prepare...Presented...

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Accounting

Presented below are the comparativeDecember 31 financial statements for Noland Plumbing (in $Millions). Prepare the operating section of the statement of cashflows for December 31, Year 2 using the indirect method.
                                         Martin Industries, Inc.
                                               Balance Sheets
                                At December 31, Year 2 and Year 1
Year 2
Year 1
Cash
$96,719
$28,694
Accounts Receivable
100,000
85,313
Inventory
206,250
181,250
Prepaid Insurance
Long-term Investments
1,875
19,375
2,500
106,250
Land, Buildings, and Equipment
1,562,500
1,406,250
Accumulated Depreciation
(762,500)
(715,000)
_


Total Assets
$1,224,219
$1,095,257
Accounts Payable
$95,425
$185,838
Salaries Payable
25,000
30,625
Notes Payable (long-term)
31,250
93,750
Bonds Payable
250,000
-
Common Stock
375,000
375,000
Retained Earnings
447,544
410,044
$1,224,219
$1,095,257
Additional information for Year 2
(1) Sold available for sale securitiescosting $86,875 for $92,500.
(2) Equipment costing $25,000 with abook value of $6,250 was sold for $7,500 (Hint: You must using thisinformation to find depreciation expense and the gain or loss onsale.
(3) Net income was $62,500.

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In: AccountingPresented below are the comparativeDecember 31 financial statements for Noland Plumbing (in $Millions). Prepare...Presented below are the comparativeDecember 31 financial statements for Noland Plumbing (in $Millions). Prepare the operating section of the statement of cashflows for December 31, Year 2 using the indirect method. Martin Industries, Inc. Balance Sheets At December 31, Year 2 and Year 1Year 2Year 1Cash$96,719$28,694Accounts Receivable100,00085,313Inventory206,250181,250Prepaid InsuranceLong-term Investments1,87519,3752,500106,250Land, Buildings, and Equipment1,562,5001,406,250Accumulated Depreciation(762,500)(715,000)_ Total Assets$1,224,219$1,095,257Accounts Payable$95,425$185,838Salaries Payable25,00030,625Notes Payable (long-term)31,25093,750Bonds Payable250,000-Common Stock375,000375,000Retained Earnings447,544410,044$1,224,219$1,095,257Additional information for Year 2(1) Sold available for sale securitiescosting $86,875 for $92,500.(2) Equipment costing $25,000 with abook value of $6,250 was sold for $7,500 (Hint: You must using thisinformation to find depreciation expense and the gain or loss onsale.(3) Net income was $62,500.

	Year 2	Year 1
Cash	$96,719	$28,694
Accounts Receivable	100,000	85,313
Inventory	206,250	181,250
Prepaid Insurance Long-term Investments	1,875 19,375	2,500 106,250
Land, Buildings, and Equipment	1,562,500	1,406,250
Accumulated Depreciation	(762,500)	(715,000)

_
Total Assets	$1,224,219	$1,095,257

Accounts Payable	$95,425	$185,838
Salaries Payable	25,000	30,625
Notes Payable (long-term)	31,250	93,750
Bonds Payable	250,000	-
Common Stock	375,000	375,000
Retained Earnings	447,544	410,044
	$1,224,219	$1,095,257