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

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

Use the North American Reserve Rare Coins data from Problem 13-22A.

Requirements

1. Prepare North American 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 North American Reserve’s Balance Sheet at December 31, 2010.

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