I failed accounting last semester. I have to take it again, in the fall. Using the indirect method, how do I prepare a statement of cash flows for the past year.
This is so confusing. I don't know how to even get started.

Listed below are the changes that have taken place in Luang Corporation’s balance sheet accounts as a result of the past years activities

Debit Balance Accounts Net Increase(decrease)
Cash (30,000)
Accounts Receivable 20,000
Inventory (60,000)
Prepaid Expenses 10,000
Long Term Investments 50,000
Plant and Equipment 120,000
Net Increase $110,000

(concluded) Net Increase
Credit Balance Accounts (Decrease)
Accumulated Depreciation $ 40,000
Accounts Payable 30,000
Accrued Liabilities 10,000
Taxes Payable 10,000
Bonds Payable (40,000)
Deferred Income Taxes ( 5,000)
Common Stock 20,000
Retained Earnings 45,000
Net Increase 110,000

The following additional information is available about last year’s activities:
a. The company sold equipment during the year for $ 40,000. The equipment had cost the company $ 120,000 when purchased, and it had $ 70,000 in accumulated depreciation at the time of sale.
b. Net income for the year was $ __?__
c. The balance in the Cash account at the beginning of the year was $ 100,000; the balance at the end of the year was $ __?____
d. The company declared and paid $ 35,000 in cash dividends during the year
e. Long-term investments that had costg $ 60,000 were sold during the year for $ 80,000.
f. The beginning and ending balances in the Plant and Equipment and Accumulated Depreciation accounts for the past year are given below:


Ending Beginning

Plant and Equipment $620,000 $500,000
Accumulated Depreciation $240,000 $200,000

g. If data are not given explaining the change in an account, make the most reasonable assumption as to the cause of the change.

Required: Using the indirect method, prepare a statement of cash flows for the past year.