(L. OBJ. 4) Preparing the Statement of Cash Flows—direct method [20-30 min] The Income...

(L. OBJ. 4) Preparing the Statement of Cash Flows—direct method [20-30 min]

The Income Statement and additional data of Rolling Hills Corporation follow:

Requirement

1. Prepare Rolling Hills Corporation’s Statement of Cash Flows for the year ended June 30, 2010. Use the direct method.