BIRCH CORPORATION Comparative Statements of Financial Position December 31 Cash Accounts receivable, net Inventory Land Building...

 

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BIRCH CORPORATION Comparative Statements of Financial Position December 31 Cash Accounts receivable, net Inventory Land Building Accumulated depreciation. Equipment. Accumulated depreciation. 2017 $ 43,000 31,000 118,000 120,000 200,000 (50,000) 1,030,000 (118,000) $1.374.000 2016 $ 24,000 38,000 82,000 190,000 200,000 (40,000) 600,000 (94,000) $1.000,000 Accounts payable. 4% Bonds payable. Common shares. Retained earnings. $ 115,000 320,000 750,000 189,000 $1.374.000 $ 100,000 750,000 150,000 $1.000.000 Additional data 1 Netincome for the year was $84,000. 2. Cash dividends were paid. 3 Land was sold for $80,000. 4 Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of S60,000 to date of sale New equipment was purchased to replace it. Instructions Prepare a statement of cash flows for calendar 2017, using the indirect method. BIRCH CORPORATION Comparative Statements of Financial Position December 31 Cash Accounts receivable, net Inventory Land Building Accumulated depreciation. Equipment. Accumulated depreciation. 2017 $ 43,000 31,000 118,000 120,000 200,000 (50,000) 1,030,000 (118,000) $1.374.000 2016 $ 24,000 38,000 82,000 190,000 200,000 (40,000) 600,000 (94,000) $1.000,000 Accounts payable. 4% Bonds payable. Common shares. Retained earnings. $ 115,000 320,000 750,000 189,000 $1.374.000 $ 100,000 750,000 150,000 $1.000.000 Additional data 1 Netincome for the year was $84,000. 2. Cash dividends were paid. 3 Land was sold for $80,000. 4 Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of S60,000 to date of sale New equipment was purchased to replace it. Instructions Prepare a statement of cash flows for calendar 2017, using the indirect method.