The statement of financial position of Amelia Enterprises Inc. at December 31, 2015 and 2014, is as
Question:
The statement of financial position of Amelia Enterprises Inc. at December 31, 2015 and 2014, is as follows:
a. Net income, $126,000.
b. Depreciation reported on the income statement, $41,700.
c. Equipment was purchased at a cost of $81,400, and fully depreciated equipment costing $22,400 was discarded, with no salvage realized.
d. As the mortgage note payable was not due until 2018, but the terms permitted earlier payment without penalty, there is no current portion.
e. 7,000 shares of common shares were issued at $20 per share for cash.
f. Cash dividends declared and paid, $76,800.
Instructions
Prepare a statement of cash flows using the indirect method of presenting cash flows from operating activities. Use of the spreadsheet is optional.
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Related Book For
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
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