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Scully Corporation's comparative balance sheets are presented below. SCULLY CORPORATION Comparative Balance Sheets December 31 2011 2010 Cash $14,499 $10,427 Accounts receivable 21,297 23,252 Land
Scully Corporation's comparative balance sheets are presented below.
SCULLY CORPORATION | |||
Comparative Balance Sheets | |||
December 31 | |||
2011 | 2010 | ||
Cash | $14,499 | $10,427 | |
Accounts receivable | 21,297 | 23,252 | |
Land | 20,033 | 25,742 | |
Building | 68,870 | 68,870 | |
Accumulated depreciation | (15,148) | (10,204) | |
Total | $109,551 | $118,087 | |
Accounts payable | $12,127 | $31,181 | |
Common stock | 73,600 | 68,800 | |
Retained earnings | 23,824 | 18,106 | |
Total | $109,551 | $118,087 |
Additional information:
- Net income was $20,199. Dividends declared and paid were $14,481.
- All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,831.Complete the statement of cash flows for 2011 using the indirect method.
- (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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