Question: Prepare a cash flow statement using indirect method The following are the financial statements of Sheridan Ltd. SHERIDAN LTD. Balance Sheet December 31 Assets Cash

Sheet December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Income tax payable Notes payable Prepare a cash flow statement using indirect method

The following are the financial statements of Sheridan Ltd. SHERIDAN LTD. Balance Sheet December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Income tax payable Notes payable Common shares Retained earnings Total liabilities and shareholders' equity 2024 $34,960 27,600 24,840 55,200 (26,680) $115,920 $22,080 6,440 24,840 16,560 46,000 $115,920 2023 $18,400 12,880 18,400 71,760 (22,080) $99,360 $13,800 7,360 30,360 12,880 34,960 $99,360

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