The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:
|Dec. 31, 20Y9||Dec. 31, 20Y8|
|Accounts receivable (net)||207,230||188,190|
|Liabilities and Stockholders' Equity|
|Accounts payable (merchandise creditors)||$205,700||$194,140|
|Accrued expenses payable (operating expenses)||30,600||26,860|
|Common stock, $1 par||202,000||102,000|
|Paid-in capital: Excess of issue price over par—common stock||354,000||204,000|
|Total liabilities and stockholders' equity||$1,211,760||$901,680|
Additional data obtained from an examination of the accounts in the ledger for 20Y9 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 $141,680 credit to Retained Earnings for net income.
There was a $102,000 debit to Retained Earnings for cash dividends declared.
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.