Question

A comparative statement of financial position and a statement of earnings for Standard Card Company follow.
Additional information:
The loss on the sale of equipment occurred when a relatively new machine with a cost of $100,000 and accumulated depreciation of $20,000 was sold because a technological change had made it obsolete.
Required:
a. Prepare a statement of cash flows for the year ended December 31, 2016, using the indirect method.
b. Determine the cash flows from operating activities using the direct method.


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  • CreatedJune 11, 2015
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