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Using the information provided below, prepare a complete statement of cash flows - indirect method. Using the information provided below, prepare a complete statement of
Using the information provided below, prepare a complete statement of cash flows - indirect method.
Using the information provided below, prepare a complete statement of cash flows: reports its operating activities using the indirect method. Disclose any noncash investing and financing actives in a note. (Adapted from PR16-1B and PR16-3B) Corporation, e merchandiser, recently completed its calendar-year 2013 operators. For the year, (1) all sates are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchase-; of inventory are or credit (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets and income statement follow. Additional Information on Year 2013 Transactions: a) Equipment was sold for cash. b) Purchased equipment costing $113, 250 by paying $43, 250 cash and signing a long-term note payable for the balance. c) The increase in short-term notes payable is the result of borrowing cash. d) Any reduction in notes payable resulted from a cash payment to reduce the notes payable. e) Issued 3,000 shares of common stock for cashStep by Step Solution
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