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Required: Prepare a complete statement of cash flows using the direct method. Note: Amounts to be deducted should be Indlcated with a minus sign. Forten
Required: Prepare a complete statement of cash flows using the direct method. Note: Amounts to be deducted should be Indlcated with a minus sign. Forten Comparly's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Recelvable reflect cash recelpts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. Additional Informetion on Current Yeor Trensections 0. The loss on the cash sale of equipment was 55125 (detalis in b) b. Sotd equipment costing $46,875, with accumulated depreciation of $30.125, for $11.625 cash. c. Purchased equipment costing $96,375 by paying $30.000 cash and signing a long term notes payobie for the balance. d. Paid $46,125 cash to recuce the long-term notes payable e. issued 2.500 shares of common stock for 520 cash per share t. Declared and paid cash dividendis of $50.100
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