Question: The comparative balance sheets for 2018 and 2017 are given below for Surmise Company Net income for 2018 was $66 miltion Comparative Balance Sheets Decenber
The comparative balance sheets for 2018 and 2017 are given below for Surmise Company Net income for 2018 was $66 miltion Comparative Balance Sheets Decenber 31, 2018 and 2817 (s in willions) Assets Cash Accounts receivable 5 45 49 82 92 (18) (S) Less: Allowance for uncollectible accounts Prepaid expenses Inventory Long-ters Investeent 13 135 120 92 60 84 84 Buildings and equipment Less: Accumulated depreciation 3448 (115) (94) 680 573 Liabilities Accounts payable Accrued liabilities Notes payable s11 27 ease liability Bonds payable Shareholders Equity Paid-in cagital -excess of par Retained earnings 62 5e S5 Required Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2018 cash flows from operating activities because you do not have sufficient information to use reasonable assumptions concerning the reasons for changes in some account balances. A helpful. (Hint. The right to use a building was acquired with a seven-year lease paid at January 1 of each year starting n 20 "Enter in to be deducted should be indicated with a minus sign Use the indirect method to present the direct method. You will need to make spreadsheet or T-account analysis will be ease payments of 58 million are your answers in millions G.e. 1o,0o0,000 should be entered os to), Amounts Arnual For year ended Decenber 31, 201B C Prey 12 of 12 E N pe hete 10
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