Problem 12-18A Using financial statements to prepare a statement of cash flows-Indirect method LO 12-1, 12-3, 12-4 The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As of December 31 Year 2 Year 1 Assets $24,233 2,207 6,299 20,879 (7,980) 16,093 Cash 2,742 Accounts receivable 1,324 Inventory Equipment Accumulated depreciation-equipment Land 5,905 43,599 (16,408) 9,263 Total assets $61,731 $46,425 Liabilities …
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