Question: The 2016 comparative balance sheet and income statement of Abilene
The 2016 comparative balance sheet and income statement of Abilene Group, Inc. follow. Abilene disposed of a plant asset at book value in 2016.
Prepare the spreadsheet for the 2016 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12,400. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash.
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