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The following information is provided for Crane Chocolate Corp., which reports under ASPE: CRANE CHOCOLATE CORP. Balance Sheet May 3 1 Assets 2 0 2
The following information is provided for Crane Chocolate Corp., which reports under ASPE: CRANE CHOCOLATE CORP. Balance Sheet May Assets Cash $ $ Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciationequipment Total assets $ $ Liabilities and Shareholders' Equity Accounts payable $ $ Dividends payable Income tax payable Mortgage payable Common shares Retained earnings Total liabilities and shareholders' equity $ $ Additional information: Profit for was $ Common shares were issued for $ Land with a cost of $ was sold at a loss of $ Purchased land with a cost of $ with a $ down payment and financed the remainder with a mortgage note payable. No equipment was sold during Net sales for the year were $ Cost of goods sold for the year was $ Operating costs, including depreciation expense, were $ Interest expense was $ Income tax expense was $ Accounts payable is used for merchandise purchases. Prepare a cash flow statement for the year using the direct method.
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