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Required information Use the following information for the Problems below. (Algo) The Company's current year...

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Accounting

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Required information Use the following information for the Problems below. (Algo) The Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers. (3) all purchases of inventory are on credit; and (4) all debits to Accounts Payable reflect cash poyments for inventory. 1. Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to Besure to incicate if the activities are provided or used!n The COMPANY Comparative Balance Sheets Additional Information on Current Year Transections a. The loss on the cosh sale of equipment wos $12,125 (details in b). b. Sold equipment costing $67,875, with occumulated depreciation of $37,125, for $18,625 cash c. Purchosed equipment costing $103,375 by paying $44,000 cash and s/gning a long-term notes poyable for the bolance. -d. Poid $48,925 cosh to reduce the long-term notes payable. e. Issued 3,200 shares of common stock for $20 cash per share. f Deciared and paid cosh dividends of $51,500

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