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Below are comparative balance sheet data for the Argo Company. As of December 31, 2002 2001 Assets Cash Trading Securities Accounts receivable Inventory Property, plant,
Below are comparative balance sheet data for the Argo Company. As of December 31, 2002 2001 Assets Cash Trading Securities Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation S15,000 4,000 25,000 40,000 35,000 280,000 (100,000) $312,000 $284,000 22,000 45,000 50,000 300,000 (120,000) Total assets Liabilities and Stockholders' Equity Accounts payable Short-term notes payable Long-term notes payable Common stock, $10 par Paid-in capital in excess of par Retained earnings $50,000 $45,000 22,000 42,000 100,000 25,000 50,000 $312,000 $ 284,000 22,000 40,000 100,000 25,000 75,000 Total liabilities and stockholders' equit Trading securities are considered cash equivalents for this problem. Cash dividends of $20,000 were paid in 2002. There were no other changes to retained earnings for 2002 other than net income. Required: Prepare a statement of cash flows for the year ended 2002, using the indirect method
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