Fred's Appliance, Inc., accountants assembled the following data for the year ended December 31, 2016:

Transaction Data for 2016:
"Net Income ………………………...…………………………………………. $ 56.800
Purchase of treasury stock ……………………………….……….………...….... 13,600
Issuance of common stock for cash …………………….…….....……………….. 36,700
Loss on sale of equipment ……………………………….……..………………... 10,500
Payment of cash dividends ……………………………….…...…………………. 18,200
Depreciation Expense ……………………………….………..…………………. 21,200
Issuance of long-term note payable in exchange for cash ……......……………...… 34,300
Purchase of building for cash …………………………………...………………. 128,000
Retirement of bonds payable by issuing common stock ………......…………….… 85.000
Sale of equipment for cash ……………………………………....………………. 52,000"

Requirement
Prepare Fred’s Appliance Inc.’s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule?

Transcribed Image Text:

Fred's Appliance, Inc. December 31 Current Assets: Cash and Cash Equivalents. Accounts Receivable. Inventory. Current Liabilities: Accounts Payable. Income Tax Payable 2016 2015 $71,800 $22,000 49,300 44,500 80,100 83,100 $37,700 $35,400 4,200 6,600