Rockford Companys comparative balance sheets for this year and last year and the companys income statement for

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Rockford Company’s comparative balance sheets for this year and last year and the company’s income statement for this year follow:

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Additional data:
1. This year Rockford paid a cash dividend.
2. The $4 million loss on sale of equipment reflects a transaction in which equipment with an original cost of $12 million and accumulated depreciation of $5 million was sold for $3 million in cash.
3. Rockford did not purchase any long-term investments during the year. There was no gain or loss on the sale of long-term investments.
4. This year Rockford did not retire any bonds payable, or issue or repurchase any common stock.
Required:
1. Using the indirect method, determine the net cash provided by operating activities for this year.
2. Construct a statement of cash flows for this year.

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Related Book For  book-img-for-question

ISE Introduction To Managerial Accounting

ISBN: 9781260091755

8th Edition

Authors: Peter Brewer, Ray Garrison, Eric Noreen

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