Question
The data below are selected account balances taken from the financial statements of the Goat Corporation: I ncome Statement: 2023 Net income 98,500 Depreciation expense
The data below are selected account balances taken from the financial statements of the Goat Corporation:
Income Statement: 2023
Net income 98,500
Depreciation expense 23,500
Patent Amortization 7,000
Gain on sale of investments 11,000
Balance Sheet: 2023
Cash 140,350
Accounts Receivable 95,300
Inventories 165,200
Prepaid Expenses: 6,240
Accounts Payable: 43,500
Accrued Expenses Payable: 14,000
Income Taxes Payable: 7,900
Common Stock 450,000
Paid in Capital in Excess of Par-Common Stock 66,250
Dividends Payable: 14,000
Investments: 35,700
Balance Sheet: 2022.
Cash 95,900
Accounts Receivable 102,300
Inventories 157,900
Prepaid Expenses 5,860
Accounts Payable 46,700
Accrued Expenses Payable: 12,500
Income Taxes Payable 8,400
Common Stock 375,000
Paid in Capital in Excess of Par-Common Stock 41,250
Dividends Payable 10,000
Additional Information for 2023:
Land costing $15,000 was sold for $15,000
Mortgage note was issued for $40,000
A building costing $115,000 was constructed
Cash dividends declared were $74,670
Investments: 84,700
Complete the statement of cash flows for the year ended December 31, 2023 using the indirect method.
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