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NEED CALCULATIONS AS WELL PLEASE. NOT JUST THE STATEMENT FILLED OUT! I WANT TO KNOW HOW YOU GET WHAT YOU GET Presented below is information
NEED CALCULATIONS AS WELL PLEASE. NOT JUST THE STATEMENT FILLED OUT! I WANT TO KNOW HOW YOU GET WHAT YOU GET
Presented below is information related to the operations of Reid Enright School Supplies, Inc.: 2015 2014 2015 Cash $ 106,000 $ 98,000 Sales 760,000 Accounts receivable 130,000 144,000 Cost of goods sold 398,000 Inventory 110,000 34,000 Gross profit 362,000 Land 18,000 32,000 Depreciation expense (28,000) Building 360,000 360,000 Other operating expenses (290,000) Accumulated depreciation (74,000 (46,000 Operating income S 44,000 Total assets 650.000 604.000 Loss on sale of land 8,000 Net income S 36,000 Accounts payable $ 106,000 $ 158,000 Notes payable 62,000 0 Bonds payable 0 200,000 Common stock 300,000 100,000 Retained earnings 200,000 164,000 Dividends paid (18,000) Total liabilities and stockholders, equity S_650,000 S 604,000 Additional Information: Land was sold for $6,000. No other transactions occurred in the Land account in 2015. (HINT: If you make a note of the appropriate journal entry to record the sale of the land, it will lead you to the appropriate cash amount to use for the land, and the amount to include on your statement of cash flows.) All outstanding bonds payable was converted to common stock in 2015. Ignore the effect of any amounts that should be in Additional Paid-in-Capital. Question: Prepare the complete statement of cash flows for Reid Enright School Supplies, Inc. in the proper format, for the year ending December 31, 2015. Use the method discussed in our lecture (i.e., indirect method). HINT: There are 14 things (worth 0.5 points each), including any necessary title and headings, you must must properly include in order to receive full credit for thisStep by Step Solution
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