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Statement of Cash Flows (Direct Method) Arctic Companys income statement and comparative balance sheets as of December 31 of 2016 and 2015 follow:
ARCTIC COMPANY Balance Sheets Dec. 31, 2016 Dec. 31, 2015 Assets Cash Accounts Receivable Inventory Prepaid Advertising Plant Assets Accumulated Depreciation Total Assets $71,000 42,000 107,000 10,000 360,000 (80,000) $510,000 $28,000 49,000 113,000 14,000 222,000 (56,000) $370,000 Liabilities and Stockholders' Equity Accounts Payable Interest Payable Bonds Payable $17,000 6,000 210,000 $31,000 ARCTIC COMPANY Balance Sheets Dec. 31, 2016 Dec. 31, 2015 Assets Cash Accounts Receivable Inventory Prepaid Advertising Plant Assets Accumulated Depreciation Total Assets $71,000 42,000 107,000 10,000 360,000 (80,000) $510,000 $28,000 49,000 113,000 14,000 222,000 (56,000) $370,000 Liabilities and Stockholders' Equity Accounts Payable Interest Payable Bonds Payable $17,000 6,000 210,000 $31,000
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