Prepare a statement of cash flows for 2017 using the indirect method. Additional information: 1. Net income
Question:
Additional information:
1. Net income for 2017 was $103,100.
2. Cash dividends of $40,800 were declared and paid.
3. Bonds payable amounting to $52,700 were redeemed for cash $52,700.
4. Common stock was issued for $41,000 cash.
5. No equipment was sold during 2017, but land was sold at cost.
Prepare a statement of cash flows for 2017 using the indirect method.
Transcribed Image Text:
VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 $ 73,200 Cash $ 32,900 Accounts receivable 85,600 70,900 Inventory 169,700 187,100 Land 73,000 101,700 Equipment 260,600 199,000 Accumulated depreciation-equipment (65,600) (34,100) Total $596,500 $557,500 Liabilities and Stockholders' Equity $ 35,200 $ 46,800 Accounts payable Bonds payable 150,900 203,600 Common stock ($1 par) 216,500 175,500 Retained eamings 193,900 131,600 Total $596,500 $557,500
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1337491471
10th edition
Authors: Gary A. Porter, Curtis L. Norton
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