(Organize information into a cash flow statement, LO 3) Use the following information to prepare a well-organized...
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(Organize information into a cash flow statement, LO 3) Use the following information to prepare a well-organized cash flow statement for Quesnel Ltd. for the year ended December 31, 2014. Use the information to calculate net income for the year.
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Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Increase in prepaids Decrease in taxes payable $ 52,000 68,000 3,000 4,500 Depreciation 75,000 Dividends 22,000 Decrease in accounts payable 12,200 Increase in accounts receivable 18,000 Decrease in inventory 33,000 Issuance of common shares 80,000 Issuance of long-term debt 125,000 Gain on the sale of land 14,000 Net income ? New bank loans 250,000 Proceeds from the sale of land 168,000 Purchase of property, plant, and equipment 275,000 Retirement of long-term debt 165,000 Purchase of long-term investments 50,000
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