Exercise 13-8

Here are comparative balance sheets for Velo Company.

nt PRINTER VERSION Exercise 13-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 sets 2017 Cash 73,200 32,900 Accounts receivable 85,600 70,900 Inventory Land 169,700 187,100 Equipment 73,000 101,700 Accumulated 260,600 199,000 Total depreciation-equipment (65,600) (34,100) $596,500 $557,500 Liabilities and Stockholders' Equity Accounts payable 35,200 46,800 Bonds payable 150,900 203,600 Common stock ($1 par 216,500 175,500 Retained earnings 193,900 131,600 Total $596,500 $557,500 Additional information: 1. Net income for 2017 was $103,100 2. Cash dividends of $40,800 were declared and paid. 3. Bonds payable amounting to $52,700 were redeemed for cash $52,700, 4. Common stock was issued for $41,000 cash. 5. No equipment was sold during 2017, but land was sold at cost. Prepare a statement of cash flows for 2017 using the indirect method. Show amounts that decrease cash frow wil a sign e g.-15 000, or in parenthesis e g. (15,000).)