Increase 2012 2011 (Decrease) Current Assets Revenue Cash and Cash Equivalents 2,031,300$ 2,560,000$ (528,700)$ Sales 43,833,000$ Accounts Receivable 7,202,000 6,230,000 972,000 Dividend Revenue 250,000 Inventories 7,316,000 6,786,000 530,000 Total Revenues 44,083,000 Total Current Assets 16,549,300 15,576,000 973,300 Expenses Fixed Assets Cost of Goods Sold 28,063,000 Land 1,811,000 1,728,000 83,000 Salary Expense 8,670,000 Equipment, net 13,889,000 10,121,000 3,768,000 Depreciation Expense 1,010,000 Total Fixed Assets 15,700,000 11,849,000 3,851,000 Other Operating Expenses 4,183,000 Total Assets 32,249,300$ 27,425,000$ 4,824,300$ Interest Expense 517,000 Income Tax Expense 370,000 Total Expenses 42,813,000 Current Liabilities Net Income 1,270,000$ Accounts Payable 10,782,000$ 10,038,000$ 744,000$ Total Current Liabilities 10,782,000 10,038,000 744,000 Long-term Liabilities Bonds Payable 11,236,000 8,370,000 2,866,000 Total Liabilities 22,018,000 18,408,000 3,610,000 Stockholders' Equity Common Stock 2,629,000 2,457,000 172,000 Retained Earnings 8,676,300 7,637,000 1,039,300 Treasury Stock (1,074,000) (1,077,000) 3,000 Total Stockholders' Equity 10,231,300 9,017,000 1,214,300 Total Liabilities & Stockholders' Equity 32,249,300$ 27,425,000$ 4,824,300$ Additionally, SFCC Corporation, Inc. purchased land of $83,000 by financing it 100% with bonds payable during 2012. Requirements. Using the above financial statements, create the following: 1. Answer the following questions: a. How much cash is received from the issuance of bonds payable? b. How much equipment has been purchased this year? c. What is the dollar amount of divends? d. How much cash was exchanged in the purchase of the land? 2. Prepare the statement of cash flows using the indirect method. 3. Prepare the Operating Activities section of statement of cash flows using the direct method. 4. Comment on your thoughts regarding the two different methods. December 31, 2012 and 2011 For Year Ended December 31, 2012 ACCT 122 - Principles of Accounting 2 Project #2 - Statement of Cash Flows SFCC Corporation, Inc. SFCC Corporation, Inc. Comparative Balance Sheet Income Statement .