Question: Comparative balance sheet accounts of Sharpe Company are present

Comparative balance sheet accounts of Sharpe Company are presented below.


Additional data:
1. Equipment that cost $10,000 and was 60% depreciated was sold in 2012.
2. Cash dividends were declared and paid during the year.
3. Common stock was issued in exchange for land.
4. Investments that cost $35,000 were sold during the year.
5. There were no write-offs of uncollectible accounts during the year.
Sharpe’s 2012 income statement is as follows.


Instructions
(a) Compute net cash provided by operating activities under the direct method.
(b) Prepare a statement of cash flows using the indirectmethod.
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  • CreatedOctober 11, 2011
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