Attached are the T-Account, Income statement, and balance sheet.
 
Requirements
1. Prepare the statement of cash flows of Percy Electric Company for the year ended December 31, 2016, using the direct method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities.
2. Use Percy Electric’s 2016 income statement and information from its selected balance sheet data to prepare a supplementary schedule of cash flows from operating activities by using the indirect method.
 

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