Question

Following is an income statement for Caliope, Inc., for the year ended December 31, 2009, and the company’s balance sheets as of December 31, 2008 and 2009. The prepaid expenses and accrued liabilities included in Caliope’s balance sheets involve selling or general (operating) expenses. All of Caliope’s sales and merchandise purchases are made on a credit basis. Following is additional financial information that was obtained from Caliope’s accounting records for 2009.
Collections of accounts receivable....................................... $194,300
Purchases of merchandise...................................................... 70,200
Prepayments of operating expenses........................................ 34,600
Payments to suppliers............................................................. 74,000
Proceeds from sale of land....................................................... 5,200
Sale of 600 shares of $1 par value
common stock for $8 per share................................................. 4,800
Declaration and payment of cash
dividends on common stock...................................................... 15,000
Payments of 2009 income taxes.............................................. 26,000
Required:
Prepare a statement of cash flows for Caliope, Inc. for the year ended December 31, 2009, using the indirect method.


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  • CreatedMarch 27, 2015
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