Accountants for Benson, Inc. have assembled the following data for the year ended December 31, 2024:

Prepare Benson’s statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.

Transcribed Image Text:

Current Assets: Cash Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Income Tax Payable 2024 $ 105,100 64,400 86,000 58,000 14,700 Transaction Data for 2024: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value of building sold 2023 $ 18,000 68,900 82,000 56,100 16,900 $ 37,000 24,000 69,000 123,000 61,000 Payment of notes payable Payment of cash dividends Issuance of notes payable to borrow cash Gain on sale of building Net income $ 47,100 53,000 68,000 4,500 66,000