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The comparative balance sheets for Flounder Corporation show the following information December 31 Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents 2025
The comparative balance sheets for Flounder Corporation show the following information December 31 Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents 2025 2024 $33.300 $12,900 12.200 10000 11,900 9,000 -0- 3.900 -0- 29,800 44,900 20.100 5000 6,300 $107.300 $91.000 Allowance for doubtful accounts $3.000 $4,500 Accumulated depreciation-equipment 2.000 4400 Accumulated depreciation-building -0- 5,000 Accounts payable 5.000 2,900 Dividends payable -0- 4.900 Notes payable, short-term (nontrade) 3,000 4,000 Long term notes payable 31.000 25.000 Common stock 43.000 33.000 Retained earnings 20.300 6,300 $107300 $91,000 Additional data related to 2025 are as follows 1 Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,600 2 $10,000 of the long-term note payable was paid by issuing common stock 3. Cash dividends paid were $4,900 4 5 On January 1, 2025, the building was completely destroyed by a flood. Insurance proceeds on the building were $29.900 (net of $2,100 taxes Detit investments (available-for-sale) were sold at $1.700 above their cost. The company has made similar sales and investments in the past. 6 Cash was paid for the acquisition of equipment 7 A long-term note for $16.000 was issued for the acquisition of equipment 8 Interest of $2,100 and income taxes of $6.500 were paid in cash Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign eg-15,000 or in parenthesis eg (15.000) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Financing Activities Moree in Accounts Receivable (Ne
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