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Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 72,600 $ 33,000 Accounts receivable

Here are comparative balance sheets for Velo Company.

VELO COMPANY Comparative Balance Sheets December 31

Assets

2017

2016

Cash

$ 72,600

$ 33,000

Accounts receivable

86,300

71,400

Inventory

170,500

186,600

Land

73,800

100,800

Equipment

260,000

200,800

Accumulated depreciationequipment

(65,900

)

(34,100

)

Total

$597,300

$558,500

Liabilities and Stockholders Equity

Accounts payable

$ 35,400

$ 47,000

Bonds payable

151,100

204,000

Common stock ($1 par)

214,900

174,700

Retained earnings

195,900

132,800

Total

$597,300

$558,500

Additional information:

1. Net income for 2017 was $104,800.
2. Cash dividends of $41,700 were declared and paid.
3. Bonds payable amounting to $52,900 were redeemed for cash $52,900.
4. Common stock was issued for $40,200 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 flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)

VELO COMPANY Statement of Cash Flows

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VELO COMPANY Statement of Cash Flows Adjustments to reconcile net income to Co

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