(Answered) Question - dive in company was started several years ago by

Accounting

Question - Dive In Company was started several years ago by two diving instructors. The company's comparative balance sheets and income statement are presented below.

	Current Year	Previous Year
Balance Sheet at December 31
Cash	$4,600	$5,450
Account Receivable	2,000	1,000
Prepaid Expenses	200	100
	$6,800	$6,550
Salaries and Wages Payable	$850	$2,100
Common stock	2,200	1,500
Retained Earnings	3,750	2,950
	$6,800	$6,550
Income Statement
Service Revenue	$44,950
Salaries and Wagers Expense	40,000
Other Operating Expenses	4,150
Net Income	$800

Additional Data:

a. Prepaid Expenses relate to rent paid in advance.

b. Other Operating Expenses were paid in cash.

c. An owner contributed capital by paying $700 cash in exchange for the company's stock.

Required: Prepare the statement of cash ?ows for the current year ended December 31 using the direct method.

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