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Any help would be very much appreciated! Exercise 12-7 Shown below are comparative balance sheets for Sarasota Company Sarasota Company Comparative Balance Sheets December 31
Any help would be very much appreciated!
Exercise 12-7 Shown below are comparative balance sheets for Sarasota Company Sarasota Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equit Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2017 2016 $52,690 182,020 452,655 239,500 479,000 (76,640) $162,860 210,760 399,965 191,600 622,700 (158,070) $1,429,815 $1,329,225 93,405 359,250 517,320 459,840 $1,429,815 $102,985 479,000 416,730 330,510 $1,329,225 Additional information: 1. Net income for 2017 was $222,735 2. Depreciation expense was $81,430 3. Cash dividends of $93,405 were declared and paid 4. Bonds payable amounting to $119,750 were redeemed for cash $119,750 S. Common stock was issued for $100,590 cash. 6. No equipmen was sold during 2017 7. Land was sold for its book value Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g. (45,000)) Sarasota Company Statement of Cash Flows Adjustments to reconcile net income toStep by Step Solution
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