Question - Year 1 and Year 2 balance sheets of Warnick Co. appear below, together with an income statement for the latest year.
Note: Stock in Bowen Co., held as a long-term investment, was sold for $8,000 cash. Dividends of $10,500 were declared and paid during the year.
Required: Prepare a statement of cash flows for Warnick Co. for the year ended May 31, Year2. Use the indirect method.