Question
The following information relates to Clover Building Supply, Inc. The company leases a building adjacent to its land. Assets 2019 2018 Cash $133,500 $156,000 A/R
The following information relates to Clover Building Supply, Inc. The company leases a building adjacent to its land.
Assets 2019 2018
Cash $133,500 $156,000
A/R net 177,000 180,000
Merchandise inventory 525,000 360,000
Equipment 1,237,500 945,000
Accum. Depreciation-equipment (360,000) (315,000)
Land 225,000 45,000
Total Assets $1,938,000 $1,371,000
Liabilities and Stockholders Equity
A/P $ 131,250 $122,250
Accrued liabilities payable 6,750 11,250
Capital stock-common-$par 1,125,000 900,000
Paid-in capital in excess of par 450,000 225,000
Retained Earnings 225,000 112,500
Total Liabilities and stockholder equity $1,938,000 $1,371,000
- Net income was $292,500 for the year.
- Fully depreciated equipment costing $45,000 was sold for $11,250 (a gain of $11,250), and equipment costing $337,500 was purchased for cash.
- Depreciation expense for the year was $90,000.
- Land was purchased for $180,000.
- An additional 7,500 shares of common stock were issued for cash at $60 per share (total proceeds, $450,000).
- Cash dividends of $180,000 were declared and paid.
-The company paid interest of $18,000 and income taxes of $195,000.
I need help creating a statement of cash flows but it has to be done using the indirect method.
I am also not sure how to do/log in any necessary supplemental schedule(s).
Thank you for your help!
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