Accountants for Benson, Inc. have assembled the following data for the year ended December 31, 2018: Prepare
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Prepare Benson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.
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2018 2017 Current Assets: $ 105,100 $ 18,000 Cash Accounts Receivable 64,400 68,900 Merchandise Inventory 86,000 82,000 Current Liabilities: Accounts Payable 58,000 56,100 Income Tax Payable 16,900 14,700 Transaction Data for 2018: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash $ 37,000 Payment of notes payable 24,000 Payment of cash dividends 69,000 Issuance of notes payable to borrow cash 123,000 $ 47,100 53,000 68,000 Acquisition of land by issuing long-term notes payable Book value of building sold Gain on sale of building 4,500 61,000 Net income 66,000
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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