Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 2018: Prepare
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Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.
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2018 2017 Current Assets: $ 99,400 $ 25,000 Cash Accounts Receivable 64, 100 69,700 Merchandise Inventory 75,000 83,000 Current Liabilities: Accounts Payable 57,600 55,200 Income Tax Payable 16,800 14,800 Transaction Data for 2018: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value of building sold Payment of notes payable Payment of cash dividends Issuance of notes payable to borrow cash Gain on sale of building $ 38,000 24,000 $ 46,100 50,000 62,000 4,500 74,000 119,000 Net income 68,500 54,000
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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