Question
Below is an alphabetical list of account balances of Crazy Corporation as of December 31, 2019 and 2018 prior to the preparation of closing entries
Below is an alphabetical list of account balances of Crazy Corporation as of December 31, 2019 and 2018 prior to the preparation of closing entries and financial statements.
Account Title | December 31 | |||
2019 | 2018 | |||
Debit |
Credit |
Debit |
Credit | |
Accounts Payable |
| 35,500 |
| 31,300 |
Accounts Receivable | 58,800 |
| 62,000 |
|
Accumulated Depreciation, Equipment |
| 64,400 |
| 48,300 |
Allowance for Doubtful Accounts |
| 2,100 |
| 2,000 |
Cash and Cash Equivalents | 17,900 |
| 14,000 |
|
Common Stock, no-par |
| 88,200 |
| 64,000 |
Cost of Goods Sold | 185,100 |
| 175,845 |
|
Depreciation Expense | 16,100 |
| 15,295 |
|
Dividends | 62,200 |
| 62,200 |
|
Equipment | 126,500 |
| 97,600 |
|
Income Tax Expense | 29,300 |
| 27,835 |
|
Insurance Expense | 24,600 |
| 23,370 |
|
Inventories | 37,700 |
| 52,200 |
|
Land | 69,100 |
| 22,100 |
|
Notes Payable |
| 52,000 |
| 38,000 |
Other Operating Expense | 50,100 |
| 47,595 |
|
Prepaid Insurance | 1,700 |
| 3,900 |
|
Retained Earnings |
| 23,000 |
| 35,095 |
Salary Expense | 76,900 |
| 76,055 |
|
Salary Payable |
| 30,000 |
| 21,100 |
Sales Revenue |
| 438,000 |
| 416,100 |
Unearned Revenue |
| 22,800 |
| 24,100 |
Totals | 756,000 | 756,000 | 679,995 | 679,995 |
Question: Prepare a Statement of Cash Flows Using the Indirect Method.
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