Statement of cash flows (direct and indirect methods).                                                                        The following are comparative balance sheets and an income statement for THE Company.  This information is also contained in the Excel file I provided before the exam.  Using the Excel file/spreadsheet approach is optional.                                                              THE Company has prepared the following comparative balance sheets for 2020 and 2021:   2021 2020 Cash $282,000 $153,000 Accounts receivable 129,000 117,000 Inventory 160,000 180,000 Plant assets 1,295,000 1,050,000 Accumulated depreciation -279,000 -174,000 $1,587,000 $1,326,000 Accounts payable $173,000 $168,000 Operating Expense Payable 40,000 42,000 Mortgage payable 0 450,000 Common Stock (no par) 1,245,000 600,000 Retained Earnings 129,000 66,000 $1,587,000 $1,326,000  >All sales were made on credit                >Accounts payable was only used for the purchase of inventory                >All dividends were paid in Cash                >Old Plant Assets with original cost of $22,000 and accumulated depreciation        of $17,000 were donated to charity                >New plant assets were purchased with cash for $267,000                >Mortgage payable was retired using cash                >There were no stock dividends during the year.  All dividends were paid in cash                The income statement for 2021 is as follows:         Sales revenue $1,980,000 Cost of goods sold 1,089,000 Operating expenses *** (see note) 702,000 Loss on Sale of Plant Assets 5,000 Net income $184,000 NOTE: Operating Expenses includes $122,000 of Depreciation Expense      Required:                                                #1 Prepare a complete statement of cash flows for 2021 using the direct method. You may use the excel spreadsheet that accompanies this exam to complete the statement.                                                 #2 Prepare the operating activities section only of the statement of cash flows for this question using the indirect method                                                Using your statements, answer the 11 questions that follow this essay.  The first 7 questions relate to requirement #1.  The second 4 questions relate to requirement #2                                                You should enter your answers just as they appear on the statement of cash flows.  Answers will possibly include positive amounts, negative amounts, and/or zero (0), as applicable.  Cash inflows/increases are positive amounts.  Cash outflows/decreases are negative amounts.                                                    

Stephen borrowed $800,000 to purchase a home. In 2024, he paid $12,000 of interest expense on the debt. On Schedule A, his mortgage interest deduction is:

Barney and Betty got divorced in 2022. In the divorce decree, Betty agreed to pay Barney $24,000 per year for five years (or until Barney’s death or remarriage) and $10,000 per year until their daughter, Pebbles, turns 19 years old. What amount (if any) is included in Barney’s gross income in 2024?

Allen Green is a single taxpayer with an AGI (and modified AGI) of $210,000, which includes $170,000 of salary, $25,000 of interest income, $10,000 of dividends, and $5,000 of long-term capital gains. What is Allen’s net investment income tax liability this year, rounded to the nearest whole dollar amount?

When employees contribute to a traditional 401(k) plan, they _________ allowed to deduct the contributions and they _________ taxed on distributions from the plan.Fill in the blanks.

If April 15th falls on a Saturday, the due date for U.S. Federal individual tax returns will be on Monday, April 17th (assuming it is not a holiday).

If a student answers a question confidently in class, and you think, “They must be really smart,” rather than “They must have studied!” you are making a ______ attribution.

The diathesis-stress model posits that psychological disorders develop due to a combination of  ________  (diathesis) and _________.

Be careful of the order the identifiers appear in the code (they are not the same as the order they are in the table) Letters Value AAA BBB CCC DDD EEE

Perform a Trace and Output on the following code: Trace: –main– args: ? x: y: , z: , a: ? a.length: a[0]: ,,, a[1]: ,,, –total(, a):– times: arr -> a //note: anything that happens to arr, happens to a total: ,,, i: ,,, –swapNGetMultipliedSum(arr,):– arr -> arr //note: anything that happens to swapNGetMultipliedSum’s arr, happens to total’s arr (which then happens to a) v: temp: –swapNGetMultipliedSum(arr,):– arr -> arr //note: anything that happens to swapNGetMultipliedSum’s arr, happens to total’s arr (which then happens to a) v: temp: –swapNGetMultipliedSum(arr,):– arr -> arr //note: anything that happens to swapNGetMultipliedSum’s arr, happens to total’s arr (which then happens to a) v: temp: Output: