Question

Golf Universe is a regional and online golf equipment retailer. The company reported the following for the current year:
Purchased a long-term investment for cash, $15,000.
Paid cash dividend, $12,000.
Sold equipment for $6,000 cash (cost, $21,000, accumulated depreciation, $15,000).
Issued shares of no-par stock, 500 shares at $12 cash per share.
Net income was $20,200.
Depreciation expense was $3,000.
Its comparative balance sheet is presented below.


Required:
1. Following Supplement 12B, complete a T-account worksheet to be used to prepare the statement of cash flows for the current year.
2. Based on the T-account worksheet, prepare the statement of cash flows for the current year in properformat.


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  • CreatedFebruary 27, 2015
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