(10%)On the basis of the following data for Larson Co. for 2010 and the preceding year ended...
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(10%)On the basis of the following data for Larson Co. for 2010 and the preceding year ended December 31, 2010, prepare a statement of cash flows. Use the indirect method of reporting cash flows from operating activities. Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000; that the stock was issued for cash; and that the only entries in the retained earnings account were net income of $51,000 and cash dividends declared of$13,000.
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Cash Accounts receivable (net) Inventories Equipment Accumulated depreciation Year 2010 S100,000 78,000 101,500 410,000 150.000 539.500 lear 2009 78,000 85,000 90,000 370,000 158.000 Accounts payable (merchandise creditors) Cash dividends payable Common stock, S10 par Paid-in capital in excess of par 58,500 5,000 200.000 55,000 4.000 170.000 -- 62.000 214.000 539.500 60.000 176.000 common stock Retained earnings
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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