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Audlo City, Incorporated, is developing its annual financlal statements at December 31 . The statements are complete except for the statement of cash flows. The
Audlo City, Incorporated, is developing its annual financlal statements at December 31 . The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Additional Data: a. Bought equipment for cash, $72,000. b. Paid $14,500 on the long-term notes payable. c. Issued new shares of stock for $29,000 cash. d. Dividends of $4,900 were pald In cash. e. Other expenses Included depreciation, $14,500; salarles and wages, $19,500; taxes, $24,500. f. Accounts Payable Includes only Inventory purchases made on credit. Because a liability relating to taxes does not exist, assume that they were fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the Indirect method. (Amounts to be deducted should be indicated by a minus sign.)
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