Financial statement data for Metro Moving Company for 2016 follow Additional
Financial statement data for Metro Moving Company for 2016 follow.
Additional information:
1. Vehicles that cost $65,000 and had a net carrying amount of $10,000 were sold for $14,000.
2. A cash payment was made to reduce the bank loan.
3. Dividends were declared and paid during the year.
Required:
a. Prepare a statement of cash flows for Metro Moving Company 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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