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Hi need help with this statement of cash flow problem! Please use the INDIRECT METHOD Thank you. 1. The comparative balance sheets for December 31,2022
Hi need help with this statement of cash flow problem! Please use the INDIRECT METHOD Thank you.
1. The comparative balance sheets for December 31,2022 and 2021 and the 2022 income statement for Thomas Corp. is presented below. Explanations for the notes are on the following page. Notes: [1] Purchase equipment costing $650,000, financing $100,000 with notes payable and paying cash for the remainder; sold equipment that had an original cost of $126,000. [2] Recorded $280,000 of depreciation expense; asset sold in [1] above had $100,000 of accumulated depreciation. [3] Purchased $70,000 of patents and recorded amortization. [4] Note issued for $100,000 to finance equipment purchase noted in [1] above. Paid down $20,000 of principal in 2022. [5] Issued 10,000 shares of common stock for $11 per share. [6] Declared dividends and paid all but $200,000. The dividends payable will be paid in early 2023. Required Prepare Thomas' Statement of Cash Flows for the Year Ended December 31, 2022 - in good form/format - using the indirect method (including appropriate required disclosures) Step by Step Solution
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