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Question 25 (16 points) Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and 2017 follows. Prepare a cash
Question 25 (16 points)
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and 2017 follows. Prepare a cash flow statement using the indirect method. Properly title the statement.
2018 | 2017 | |
Cash balance | $113,500 | $37,500 |
Net income | 142,500 | 162,000 |
Depreciation Expense | 42,000 | 35,000 |
Purchase of Plant Assets | 135,000 | 125,000 |
Disposal of Plant Assets | 40,000 | 50,000 |
Gain (Loss) on Disposal of Plant Assets | (10,000) | 5,000 |
Accounts Receivable Balance | 64,500 | 58,000 |
Accounts Payable Balance | 42,000 | 39,000 |
Interest Expense | 8,000 | 6,000 |
Income Taxes Paid | 35,000 | 28,000 |
Dividends Paid | 30,000 | 25,000 |
Common Stock Issued for Cash | 20,000 | 0 |
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