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Statement of cash flows-indirect method
List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was $240,000. All other amounts are correct, except the cash balance at the end of the year.
Shasta Inc. Statement of Cash Flows
For the Year Ended December 31, 2016
Cash flows from operating activities:
Adjustments to reconcile net income to net
cash flow from operating activities:
Gain on sale of investments
Changes in current operating assets and liabilities:
Increase in accounts receivable
Increase in inventories
Increase in accounts payable
Decrease in accrued expenses payable
Net cash flow from operating activities
Cash flows from investing activities:
Cash received from sale of investments
Less: Cash paid for purchase of land
Cash paid for purchase of equipment
Net cash flow used for investing activities
Cash flows from financing activities:
Cash received from sale of common stock
Cash paid for dividends
Net cash flow from financing
Increase in cash
Cash at the end of the year
Cash at the beginning of the year
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