ACG$2021(16$e$)-$ Comprehensive Exam $2($V$\mathrm{.}2)$

Statement of Cash Flows$$Indirect Method $($Ch$.13,$ Obj. $2,3,4,5)$

The comparative balance sheet of Ranger Equipment Co$.$ for December $31,20$Y$2,$ and $20$Y$3$ is as follows:

Dec. $31,20$Y$3$

Dec. $31,20$Y$2$

Assets

Cash

$ $75,720$

$ $47,940$

Account receivable $($net$)$

$207,230$

$188,190$

Inventories

$298,520$

$289,850$

Investments

$0$

$102,000$

Land

$295,800$

$0$

Equipment

$438,600$

$358,020$

Accumulated depreciation $-$ equipment

$(99,110)$

$(84,320)$

Total assets

$$1,216,760$

$ $901,680$

Liabilities and Stockholders$$ Equity

Accounts payable $($merchandise creditors$)$

$ $205,700$

$ $194,140$

Accrued expenses payable $($operating expenses$)$

$30,600$

$26,860$

Dividends payable

$25,500$

$20,400$

Common Stock, $$1$ par

$202,000$

$102,000$

Paid$-$in capital in excess of par$-$common stock

$354,000$

$204,000$

Retained earnings

$398,960$

$354,280$

Total liabilities and stockholders$$ equity

$$1,216,760$

$ $901,680$

Additional data obtained from an examination of the accounts in the ledger for $20$Y$3$ are as follows:

Equipment and land were acquired for cash.

There were no disposals of equipment during the year.

The investments were sold for $$91,800$ cash.

The common stock was issued for cash.

There was a $$151,680$ credit to Retained Earnings for net income.

There was a $$107,000$ debit to Retained Earnings for cash dividends declared.

REQUIRED:

Prepare in the proper format a Statement of Cash Flows using the Indirect Method of presenting cash flows from $($used for$)$ operating activities.