Here are comparative balance sheets for Velo Company.VELO COMPANYComparative Balance SheetsDecember 31Assets20172016Cash $72,800$33,300Accounts receivable 86,40071,300Inventory 170,200186,700Land 72,800101,600Equipment
Question:
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Here are comparative balance sheets for Velo Company.VELO COMPANYComparative Balance SheetsDecember 31Assets20172016Cash $72,800$33,300Accounts receivable 86,40071,300Inventory 170,200186,700Land 72,800101,600Equipment 260,000200,000Accumulated depreciation?equipment (66,500)(33,800) Total $595,700 $559,100 Liabilities and Stockholders? EquityAccounts payable $35,000$47,200Bonds payable 150,800203,600Common stock ($1 par) 215,200173,000Retained earnings 194,700 135,300 Total $595,700 $559,100 Additional information:1. Net income for 2017 was $102,000.2. Cash dividends of $42,600 were declared and paid.3. Bonds payable amounting to $52,800 were redeemed for cash $52,800.4. Common stock was issued for $42,200 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 COMPANYStatement of Cash Flows
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