The following data is supplied from the comparative balance sheets and income statement information from Moreno, Inc. Moreno uses the indirect method to prepare the statement of cash flows. Net income for 2016 was $40,000. No long term assets were sold during the year. During 2016, Moreno paid dividends of $24,000.
1. Prepare the operating activities section of Moreno's statement of cash flows.
2. Prepare the investing activities section of Moreno's statement of cash flows.
3. Prepare the financing activities section of Moreno's statement of cash flows.