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The comparative balance sheets for Russell Company appear below: RUSSELL COMPANY Comparative Balance Sheet Dec. 31. 2017 Dec 31, 2016 Assets Cash $ 38,000 $13,000
The comparative balance sheets for Russell Company appear below: RUSSELL COMPANY Comparative Balance Sheet Dec. 31. 2017 Dec 31, 2016 Assets Cash $ 38,000 $13,000 Accounts receivable 18,000 14,000 25,000 15.000 Inventory Prepaid insurance 7.000 9,000 Stock investments -0- 18,000 60,000 30,000 Equipment Accumulated depreciation-equipment (18.000) (14.000) Total assets $130.000 $85.000 Liabilities and Stockholders' Equity. Accounts payable $ 25,000 $ 7,000 45,000 37.000 Bonds payable Common stock 40.000 23,000 Retained earnings 28.000 10,000 Total liabilities and stockholders' equity $130,000 $85.000 Additional information: 1. Net income for the year ending December 31, 2017, was $30,000. 2. Cash dividends of $12,000 were declared and paid during the year. 3. Stock investments that had a book value of $18,000 were sold for $13,000. 4. Sales for 2017 are $130,000. Instructions Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. BIVA-A-I E E71 XX, SEE - 2 V 12pt Paragraph
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