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Selected data from the accounting records of Wonderful Inc., for the current year ended December 31, are as follows Dec 3 20Y6 Dec 31, 0Y5
Selected data from the accounting records of Wonderful Inc., for the current year ended December 31, are as follows Dec 3 20Y6 Dec 31, 0Y5 Inc/Dec Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment Accum. Depreciation-Equip Accounts Payable Salaries payable Unearned Rent Bonds payable Common Stock PIC in excess of par Retained Earnings 18,000$24,000 (6,000) 82,500 (14,200) 68,300 9,000 215,000 25,000 35,900 5,800 16,000 78,000 132,000 60,000 285,000 6,000 3,000 210,000 5,000 38,000 (3,000) 27,400 8,500 7,200 (1,400) 11,000 5,000 60,000 18,000 120,000 12,000 40,000 20,000 240,000 45,000 The Income statement for the year 20Y6 was $294,000 Rent Revenue 297,000 195,000 24,000 7,000 5,000 6,000 60,000 Less COGS Salaries Exp Insurance Exp Depreciation Exp Loss on sale of Equipment - Net Income Accounts Receivable relate to sales on account and Accounts Payable relate to purchase of Merchandise Inventory on account. Additionally during 20Y6 Equipment was sold at a loss of $6,000 and additional equipment was purchased for $55,000 Bonds Payable of $10,000 were retired and additional Bonds Payable were issued. Shares of stock were issued above the par value - The only items affecting Retained Earnings were Cash Dividends and Net Income 1. Prepare the Cash Flows from Operating Activities section using the Direct method and Indirect method 2. Prepare the Cash Flows from Investing Activities section. 3. Prepare the Cash Flows from Financing Activities
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