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Landry Furniture Gallery, Inc., provided the following data from the company's records for the year ended March 31, 2012: a. Credit sales, $600,000 b.
Landry Furniture Gallery, Inc., provided the following data from the company's records for the year ended March 31, 2012: a. Credit sales, $600,000 b. Loan to another company, $12,300 c. Cash payments to purchase plant assets, $82,100 d. Cost of goods sold, $292,200 e. Proceeds from issuance of common stock, $8,000 f. Payment of cash dividends, $48,500 g. Collection of interest, $4,800 h. Acquisition of equipment by issuing short-term note payable, $16,200 i. Payments of salaries, $79,000 j. Proceeds from sale of plant assets, $22,800, including $6,700 loss k. Collections on accounts receivable, $406,000 I. Interest revenue, $4,000 m. Cash receipt of dividend revenue, $4,500 n. Payments to suppliers, $368,400 o. Cash sales, $171,600 p. Depreciation expense, $60,000 q. Proceeds from issuance of note payable, $20,200 r. Payments of long-term notes payable, $71,000 s. Interest expense and payments, $13,400 t. Salary expense, $77,200 u. Loan collections, $12,500 v. Proceeds from sale of investments, $8,900, including $2,400 gain w. Payment of short-term note payable by issuing long-term note payable, $66,000 x. Amortization expenses, $6,600 y. Income tax expense and payments, $38,000 z. Cash balance: March 31, 2011, $100,000; March 31, 2012, $46,600 Required: a) Prepare Cash flow statement using indirect method (12 points) b) Journalize the transactions (8 points)
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