Problems: Financial data of Fancy Footwork Company for 2013 and 2012 are presented below.

Problems: Financial data of Fancy Footwork Company for 2013 and 2012 are presented below.FANCY FOOTWORK COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2013 AND 2012 20132012230,000 120,000 220,000 135,000 (76,000)93,000 722,000 122,000 33,100 166,000 165,000 235,900 722,000 FANCY FOOTWORK COMPANYINCOME STATEMENTFor the year ended Dec 31, 2013Sales750000Cost of Goods Sold530000Gross Margin220000Selling and administrative expenses106000Income from Operations114000Other revenues and gains Gain on sale of investments7000Income before tax121000Income tax expense48400Net Income72600Additional information:During the year, $9000 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $32500.Required:A) Prepare a statement of cash flows using the indirect methodB) Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)

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