Question

Shallow Waters Company was started several years ago by two diving instructors. The company’s comparative balance sheets and income statement are presented below, along with additional information.


Additional Data:
a. Prepaid expenses relate to rent paid in advance.
b. Other expenses were paid in cash.
c. Purchased equipment for S700 cash at the end of 2015 to be used starting in 2016.
d. An owner contributed capital by paying $200 cash in exchange for the company’s stock.
Required Prepare the statement of cash flows for the year ended December 31, 2015, using the indirectmethod.


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  • CreatedJuly 01, 2014
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