Question

The 2015 income statement and comparative balance sheet of Rolling Hills, Inc. follow:


Additionally, Rolling Hills purchased land of $ 23,600 by financing it 100% with long- term notes payable during 2015. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $ 0. The cost and the accumulated depreciation of the disposed ­asset was $ 11,560.

ROLLING HILLS, INC.
Comparative Balance Sheet
December 31, 2015 and 2014

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Requirements
1. Prepare the 2015 statement of cash flows, formatting operating activities by the indirect method.
2. How will what you learned in this problem help you evaluate aninvestment?


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  • CreatedJanuary 16, 2015
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