principles of accounting 11

Kurwin Times Inc. Balance Sheet For the Year Ended December 31, 2016 2016 2015 Assets Cash Accounts Receivable (Net) Inventories Land Equipment Accumulated Depreciation -Equipment $490 280 175 400 225 (60) 10 $160 200 110 450 175 (30) $1,065 Liabilities And Stockholders' Equity Accounts Payable Dividends Payable Common Stock, $10 par Paid in Capital Excess of issue price over par Retained Earnings $175 30 100 250 955 $1,510 $160 0 50 125 730 1,065 Additional Information: 1. Land was sold for $125. 2. Equipment was acquired for Cash. 3. There were no disposals of Equipment during the year. 4. Common Stock was issued for Cash. 5. There was a $325 credit to Retained Earnings for Net Income. 6. There was a $100 debit to Retained Earnings for Cash Dividends. Required Prepare a Cash Flows Statement using the Indirect Method