The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows:

Question:

The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows:

The comparative balance sheet of Canace Products Inc. for December

The income statement for the year ended December 31, 2016, is as follows:

The comparative balance sheet of Canace Products Inc. for December

a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $176,000 cash.
d. The common stock was issued for cash.
e. There was a $28,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows, using the direct method of presenting cash flows from
operating activities.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For  book-img-for-question

Corporate Financial Accounting

ISBN: 9781337398169

15th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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