Question: The income statement balance sheets and additional information for Communication

The income statement, balance sheets, and additional information for Communication Accessories are provided.

Additional Information for 2015:
1. Purchase additional investment in stocks for $95,000.
2. Sell land costing $30,000 for $34,000 resulting in a $4,000 gain on sale of land.
3. Purchase $80,000 in equipment by borrowing $80,000 with a note payable due in three years. No cash is exchanged in the transaction.
4. The company declares and pays a cash dividend of $200,000.

Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanyingfootnote.

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  • CreatedJuly 15, 2014
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