Sellmers Pasta has the following financial statements: At the end of 2020, Sellmer purchased additional equipment for
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Sellmer’s Pasta has the following financial statements:
At the end of 2020, Sellmer purchased additional equipment for $24,625. Sellmer paid dividends of $5,000 during the year.
Required
a. Prepare a statement of cash flows for 2020 using the direct method. Assume that advertising is paid in cash.
b. Prepare the operating activities section of the statement of cash flows for 2020 using the indirect method. Note that there is no difference between the two methods for the investing and financing sections.
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