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Miles Corp. uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2017: 1. Long-Term Notes Payable, beginning
Miles Corp. uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2017: 1. Long-Term Notes Payable, beginning balance, $85,000 2. Long-Term Notes Payable, ending balance, $71,000 3. Common Stock, beginning balance, $3,100 4. Common Stock, ending balance, $27,000 5. Retained Earnings, beginning balance, $76,000 6. Retained Earnings, ending balance, $120,000 7. Treasury Stock, beginning balance, $5,200 8. Treasury Stock, ending balance, $10,100 9. No stock was retired. 10. No treasury stock was sold. 11. During 2016, the company repaid $37,000 of long-term notes payable 12. During 2016, the company borrowed $51,000 on a new note payable 13. Net income for the year was $54,000 14. Assume all dividends declared during the year were paid. Net cash flow
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