cash flow indirect method

Project Description:

the comparative balance sheets for gallup company appear below:
gallup company
comparative balance sheet
dec. 31, 2012 dec. 31, 2011
assets
cash $ 28,000 $13,000
accounts receivable 18,000 14,000
prepaid expenses 7,000 9,000
inventory 25,000 15,000
long-term investments -0- 18,000
equipment 60,000 30,000
accumulated depreciation—equipment (18,000) (14,000)
total assets $120,000 $85,000

liabilities and stockholders' equity
accounts payable $ 25,000 $ 7,000
bonds payable 37,000 45,000
common stock 40,000 23,000
retained earnings 18,000 10,000
total liabilities and stockholders' equity $120,000 $85,000

additional information:
1. depreciation expense for 2012 was $4,000
2. net income for the year ending december 31, 2012, was $20,000.
3. cash dividends of $12,000 were declared and paid during the year.
4. long-term investments that had a book value of $18,000 were sold for $13,000.
5. purchased equipment, paid cash.
6. issued common stock for cash.
7. retired bonds, paid cash.

















instructions
1. prepare a statement of cash flows for the year ended december 31, 2012, using the indirect method.
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