Accountants for Smithson, Inc. have assembled the following data for the year ended December 31, 2016: Prepare
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Prepare Smithson€™s statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.
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2016 2015 Current Assets: Cash Accounts Receivable Merchandise Inventory S 102,700 63,500 85,000 20,000 69,500 80,000 Current Liabilities Accounts Payable Income Tax Payable 57,900 14,400 56,000 7,000 Transaction Data for 2016: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term 5 42,000 25,000 Payment of cash dividends 73,000 ssuance of notes payable 118,000 Payment of notes payable 42,100 52,000 60,000 notes payable Book value of building sold to borrow cash Gain on sale of building Net income 4,000 69,500 53,000
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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