The following are accounting items taken from the records of Sterling Company for 2016: Payment of dividends
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Question:
The following are accounting items taken from the records of Sterling Company for 2016:
Payment of dividends | $24,000 |
Decrease in accounts payable | $19,000 |
Decrease in accounts receivable | $21,000 |
Increase in inventories | $ 6,000 |
Increase in salaries payable | $18,000 |
Net income | $42,000 |
Payment for purchase of land and buildings | $60,000 |
Issuance of ten-year bonds payable at par | $20,000 |
Depreciation expense | $10,000 |
Proceeds from sale of patent rights | $27,000 |
Required:
Prepare the statement of cash flows for Sterling Company for 2016 using the indirect method.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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