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5. The following table is a simplified balance sheet of ABC Company for the ye ar ended December 31, 2018 and the preceding year. Use
5. The following table is a simplified balance sheet of ABC Company for the ye ar ended December 31, 2018 and the preceding year. Use the provided data to prepare a complete statement of cash flow (Please use the provided spreadsheet). For cash flow from operating activities, please use the indirect method. Assume that equipment costing $125,000 was cash purchase and the land was sold for 15,000 of cash. The stock was issued for cash and only entries in the retained earnings account were net income of $56,000 and cash dividends declared and paid of $I8,000 Simplified Balance Sheets 2017 54,000 85,000 90,000 20,000 370,000 (215,000 (158,000) 55,000 168,000 176,000 2018 65,000 78,000 106,500 0 495,000 Accounts Cash Accounts Receivable Inventories Land Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Eamings 53,500 200,000 214,000
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