Problem $5$

Comparative balance sheets for GK Company are presented below:

GK Company

Comparative Balance Sheets

December $31$

Assets

Cash

Accounts Receivable

Inventories

Land

Equipment

Accumulated Depreciation

Totals

Liabilities & Stockholders' Equity

Additional Information:

Net income for $202$ was $$125,000$

Bonds payable amounting to $$50,000$ were redeemed for cash $$50,000$

Common stock was issued for $$50,000$

Sales for the year were $$978,000$

Instructions:

A$.$ Prepare a statement of cash flows for $202$ using the indirect method.