Miroz Corporation?s comparative balance sheets are presented below.

Additional information:

1. Net income was $17,700. Dividends declared and paid were $9,300.

2. Equipment which cost $11,000 and had accumulated depreciation of $2,000 was sold for $4,000.

3. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation.

Prepare a statement of cash flows for 2017 using the indirect method.

Transcribed Image Text:

MIROZ CORPORATION Comparative Balance Sheets December 31 Cash Accounts receivable Investments Equipment Accumulated depreciation Total Accounts payable Bonds payable Common stock Retained earnings Total 2017 2016 $18,700 $22,700 24,700 22,300 25,000 16,000 59,000 70,000 (14,500) (10,000) $112,900 $121,000 $13,600 $11,100 6,000 30,000 50,000 45,000 43,300 34,900 $112,900 $121,000 MIROZ CORPORATION Comparative Balance Sheets December 31 Cash Accounts receivable Investments Equipment Accumulated depreciation Total Accounts payable Bonds payable Common stock Retained earnings Total 2017 2016 $18,700 $22,700 24,700 22,300 25,000 16,000 59,000 70,000 (14,500) (10,000) $112,900 $121,000 $13,600 $11,100 6,000 30,000 50,000 45,000 43,300 34,900 $112,900 $121,000

Answer rating: 100% (QA)

MIROZ CORPORATION Partial Statement of Cash Flows For the 3 months Ended March 31 2017 Cash flows fr... View the full answer