Question

Inland Equipment’s accountants assembled the following data for the year ended June 30, 2014.
Net Income .................. $60,000
Proceeds from issuance of common shares ...... 20,000
Payment of dividends ................ 6,000
Increase in current assets other than cash ...... 30,000
Purchase of treasury shares ............ 5,000
Purchase of equipment ............. $40,000
Decrease in current liabilities ........... 5,000
Payment of note payable ............. 30,000
Proceeds from sale of land ........... 60,000
Depreciation Expense .............. 15,000
Prepare Inland Equipment’s cash flow statement for the year ended June 30, 2014 using the indirect method. The cash balance for Inland Equipment, Inc. at June 30, 2013 was $12,000.


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  • CreatedJuly 08, 2015
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