Question
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Line Item Description December 31, 20Y9 December 31,
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Line Item Description December 31, 20Y9 December 31, 20Y8 Assets Cash $289,630 $271,910 Accounts receivable (net) 104,920 97,660 Inventories 296,200 289,140 Investments 0 112,020 Land 151,920 0 Equipment 326,800 255,630 Accumulated depreciationequipment (76,510) (68,930) Total assets $1,092,960 $957,430 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $197,830 $188,610 Accrued expenses payable (operating expenses) 19,670 24,890 Dividends payable 10,930 8,620 Common stock, $10 par 59,020 46,910 Paid-in capital in excess of parcommon stock 221,870 130,210 Retained earnings 583,640 558,190 Total liabilities and stockholders' equity $1,092,960 $957,430 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: Equipment and land were acquired for cash. There were no disposals of equipment during the year. The investments were sold for $131,060 cash. The common stock was issued for cash. There was a $70,450 credit to Retained Earnings for net income. There was a $45,000 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Line Item Description Amount Amount Cash flows from (used for) operating activities: blank $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: blank - Select - - Select - Changes in current operating assets and liabilities: blank - Select - - Select - - Select - - Select - blank $- Select - Cash flows from (used for) investing activities: blank $- Select - - Select - - Select - blank - Select - Cash flows from (used for) financing activities: blank $- Select - - Select - blank - Select - blank $- Select - Cash balance, January 1, 20Y9 blank Cash balance, January 1, 20Y9 Cash balance, December 31, 20Y9 blank $Cash balance, December 31, 20Y9
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