(L. OBJ. 4) Preparing the Statement of Cash Flows—direct method [40 min] Use the Offici...

(L. OBJ. 4) Preparing the Statement of Cash Flows—direct method [40 min]

Use the Official Reserve Rare Coins data from Problem 13-26B.

Requirements

1. Prepare Official Reserve Rare Coins’ Income Statement for the year ended December 31, 2010. Use the single-step format, with all revenues listed together and all expenses together.

2. Prepare Official Reserve’s Balance Sheet at December 31, 2010.

3. Prepare Official Reserve’s Statement of Cash Flows for the year ended December 31, 2010. Format cash flows from operating activities by the direct method.