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Johnson Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: (Click the icon to view the current accounts.)
Johnson Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Requirement 1. Prepare Johnson Office Machines, Inc.'s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Johnson Office Machines, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net cash provided by (used for) operating activities Cash flows from investing activities: Net cash provided by (used for) investing activities Cash flows from financing activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash: Cash balance, December 31, 2017 Cash balance, December 31, 2018 Noncash investing and financing activities: Johnson Office Machines, Inc. December 31 2018 2017 $ 88,900 $ 30,000 Current assets: Cash and cash equivalents ..., Accounts receivable Inventory Current liabilities: 70,000 64,200 78,800 83,400 $ 58,400 $ 55,700 Accounts payable Income tax payable.. 13,900 17,100 Transaction Data for 2018: Net income. $ 57,600 14,400 Purchase of treasury stock. Issuance of common stock for cash. 36,300 Loss on sale of equipment. 11,500 Payment of cash dividends 19,000 21,600 36,000 Depreciation expense. Issuance of long-term note payable in exchange for cash Purchase of building for cash.. Retirement of bonds payable by issuing common stock Sale of equipment for cash. 123,000 63,000 54,000
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