Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Prepare the spreadsheet as in Exhibit 12A.1; report operating activities under the indirect method. Identify the debits and credits in the Analysis of Changes columns with letters that correspond to the following transactions and events a through h.
a. Net income for the year was $30,000.
b. Dividends of $10,000 cash were declared and paid.
c. Stylish’s only noncash expense was $50,000 of depreciation.
d. The company purchased plant assets for $70,000 cash.
e. Notes payable of $40,000 were issued for $40,000 cash.
f. Change in accounts receivable.
g. Change in merchandise inventory.
h. Change in accounts payable.
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