Question - In its December 31, 2011 annual report, Faber Inc. reported the following items.
2011
Net cash flows from operating activities 511,614
Net sales 6,145,559
Stockholders' equity 1,846,717
Net cash flows from financing activities (412,633)
Total assets 4,806,892
Cash, ending year 2,637,480
Expenses 5,827,612
Noncash assets 2,169,412
Net cash flows from investing activities (177,919)
Net income 587,947
Cash, beginning year 2,716,418
a. Prepare the balance sheet for Faber Inc. for December 31, 2011.
b. Prepare the income statement for Faber Inc. for the year ended December 31, 2011.
c. Prepare the statement of cash flows for Faber Inc. for the year ended December 31, 2011.