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  3. the comparative balance sheets and an income state

The comparative balance sheets and an income statement for Raceway Corporation follow. Balance Sheets As...

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Accounting

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The comparative balance sheets and an income statement for Raceway Corporation follow. Balance Sheets As of December 31 2017 70,643 38,780 57,902173,690 2016 Cash Aocounts receivable Marchandise inventory Prepaid rent 2.330 253400 289 260 (144.490 4.660 Aocumulated depredation (231.910) Total assets 566,880 $379.980 Accounts payable (inventory) Salaries payable 63.368 34,825 71880 Stockholders equity Common stock $50 par value Retained earnings 256,000 201.000 212.687 77 250 Total Babilties and equity $566,880 $ 379.980 Income Statement For the Year Ended December 31, 2017 1,502,000 (798,263) Cost of goods sold Gross proft Operating expenses 703,737 Depreciation expense Rent expense Salaries expense Other operating expenses 24,440) (27.250) (259, 120) 257.490) 135,437 Other Information 1. Purchased land for $113,300. 2 Purchased new equipment for $95,200 Sold old equipment that cost $131,060 with accumulated depreciation of $111,860 for $19,200 cash. 4. Issued common stock for $55,000 Required Prepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

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