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Need help with question. 8 dollars for problem thanks. ACCT 1020 On the basis of the following data for Branch Co. for the current and
Need help with question. 8 dollars for problem thanks.
ACCT 1020 On the basis of the following data for Branch Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $125,000 was purchased for cash and the land was sold for $15,000. The stock was issued for cash and the only entries in the retained earnings account were for net income of $56,000 and cash dividends declared and paid of $18,000. Cash Accounts Receivable (net) Inventories Land Equipment Accumulated Depreciation Accounts Payable (merchandise creditors) Common Stock, $10 par Paid-In Capital in Excess of ParCommon Stock Retained Earnings Current Year $ 65,000 78,000 106,500 495,000 (215,000) $529,500 Prior Year $ 54,000 85,000 90,000 20,000 370,000 (158,000) $461,000 $ 53,500 200,000 62,000 214,000 $529,500 $ 55,000 170,000 60,000 176,000 $461,000Step by Step Solution
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