The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, is shown

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The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, is shown as follows:

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The following additional information was taken from the records:
a. The investments were sold for $135,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common shares were issued for cash.
e. There was a $76,320 credit to Retained Earnings for net income.
f. There was a $51,000 debit to Retained Earnings for cash dividends declared.
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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Accounting Volume 2

ISBN: 978-0176509743

2nd Canadian edition

Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren

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