(Answered) Question the following balance sheets and income statement

Accounting

Question: The following balance sheets and income statement were taken from the records of RosieLee Company:

Direct and Indirect Methods Refer to the information for Rosie-Lee Company above. Additional transactions were as follows:

a. Sold equipment costing $21,600 with accumulated depreciation of $16,200 for $3,600.

b. Issued bonds for $90,000 on December 31.

c. Paid cash dividends of $36,000. d. Retired mortgage of $108,000 on December 31.

Required: 1. Prepare a schedule of operating cash flows using

(a) the indirect method and

(b) the direct method.

2. Prepare a statement of cash flows using the indirect method.

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