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CAROLINA CORPORATION Comparative Statements of Financial Position December 31 2,014 2,013 Cash 43,000 24,000 Accounts Receivable, net 35,000 38,000 Inventory 114,000 82,000 Land 120,000 190,000
CAROLINA CORPORATION
Comparative Statements of Financial Position December 31
2,014 | 2,013 | |
Cash | 43,000 | 24,000 |
Accounts Receivable, net | 35,000 | 38,000 |
Inventory | 114,000 | 82,000 |
Land | 120,000 | 190,000 |
Building | 200,000 | 200,000 |
Accumulated Depreciation | -50,000 | -40,000 |
Equipment | 1,030,000 | 600,000 |
Accumulated Depreciation | -118,000 | -94,000 |
1,374,000 | 1,000,000 | |
Accounts Payable | 115,000 | 100,000 |
4% Bonds Payable | 320,000 | 0 |
Common Shares | 750,000 | 750,000 |
Retained Earnings | 189,000 | 150,000 |
1,374,000 | 1,000,000 |
Additional data:
1. Net income for the year was $84,000.
2. Cash dividends were paid.
3. Land was sold for $80,000.
4. Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale. New equipment was purchased to replace it.
Instructions Prepare a statement of cash flows for calendar 2014, using the indirect method
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