MED Supplies Inc., a software retailer, recently completed its 2023 operations. The following information is available: Additional

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MED Supplies Inc., a software retailer, recently completed its 2023 operations. The following information is available:


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Additional information regarding MED Supplies Inc.’s activities during 2023:1. Equipment was purchased for $64,848 cash.2. Issued 3,360 common shares for cash at $28 per share.3. Declared and paid $147,840 of cash dividends during the year.



RequiredPrepare a statement of cash flows for 2023 that reports the cash inflows and outflows from operating activities according to the indirect method. Show your supporting calculations.



Analysis Component:The net increase in cash during 2023 for MED Supplies Inc. was $49,560. Briefly explain what caused this change using the statement of cash flows prepared above.

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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