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Please help by being detailed. E23-11 (L02) (SCF-Indirect Method) Condensed financial data of Pat Metheny Company for 2017 and 2016 are presented PAT METHENY COMPANY
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E23-11 (L02) (SCF-Indirect Method) Condensed financial data of Pat Metheny Company for 2017 and 2016 are presented PAT METHENY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2016 $1,800 $1,150 Receivables 1,600 1,900 (1,200) 1,300 7,150 1,900 (1,170) investments 1,420 $6,300 $ 900 Accounts payable Accrued liabilities $1,200 Bonds payable Common stock 1,400 Retained earnings 2,450 1,900 7,150 $6,300 PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling and administrative expense Income from operations Other revenues and gains $6,900 1,270 Gain on sale of investments Income before tax 1,350 Cash dividends Income retained in business $ 550 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017 Instructions Prepare a statement of cash flows using the indirect methodStep by Step Solution
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