Prepare a statement of cash flows for 2025 using the indirect method. Cash Sheffield Corporation Comparative...

   

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Prepare a statement of cash flows for 2025 using the indirect method. Cash Sheffield Corporation Comparative Balance Sheets December 31 Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings Total 2025 $14,000 21,000 20,000 70,000 2024 $10,500 23,000 26,000 70,000 (15,000) (10,000) $110,000 $119,500 $11,500 66,500 32,000 $110,000 $119,500 $31,000 60,000 28,500 Additional information: 1. 2. 3. Net income was $22,500. Dividends declared and paid were $19,000. No noncash investing and financing activities occurred during 2025. The land was sold for cash of $4,000. Prepare a statement of cash flows for 2025 using the indirect method. Cash Sheffield Corporation Comparative Balance Sheets December 31 Accounts receivable Land Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings Total 2025 $14,000 21,000 20,000 70,000 2024 $10,500 23,000 26,000 70,000 (15,000) (10,000) $110,000 $119,500 $11,500 66,500 32,000 $110,000 $119,500 $31,000 60,000 28,500 Additional information: 1. 2. 3. Net income was $22,500. Dividends declared and paid were $19,000. No noncash investing and financing activities occurred during 2025. The land was sold for cash of $4,000.

Answer rating: 100% (QA)

To prepare the statement of cash flows for Sheffield Corporation for the year 2025 using the indirec... View the full answer