Indicate in general journal form how the items below would be entered in a worksheet for the

Question:

Indicate in general journal form how the items below would be entered in a worksheet for the preparation of the statement of cash flows.

(a) Net income is $317,000.

(b) Cash dividends declared and paid totaled $120,000.

(d) Equipment that originally cost $40,000 and had accumulated depreciation of $32,000 was sold for $10,000.

Depreciation
Depreciation is an important concept in accounting. By definition, depreciation is the wear and tear in the value of a noncurrent asset over its useful life. In simple words, depreciation is the cost of operating a noncurrent asset producing...