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Preparation of Cash Flows Statement in Indirect method.
The comparative balance sheet of Oak and Tile Flooring Co. for June 30, 2008 and 2007, is as follows: Statement of cash ___________________________________ June 30, 2008 ________ June 30,2007
Flows-indirect method
Assests
Obj. 2 Cash.........................................................
$34,700
$23,500
Net cash flow from Accounts receivable (net).....................
101,600
92,300
Operating activities, Inventories.......................................
146,300
142,100
$72,200 Investments.................................................
0
50,000
Equipment....................................................
215,000
175,000
Accumulated depreciation.......................
-48,600
-41,300
$594,000
$442,100
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)..
$100,900
$95,200
Accrued expenses (operating expenses)........
15,000
13,200
Dividends payable..............................................
12,500
10,000
Common stock, $1 par......................................
56,000
Paid-in capital in excess of par-common stock..
220,000
100,000
Retained earnings.................................................
189,000
173,700
$442,000
The following additional information was taken from the records of Oak and Tile Flooring Co.: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $45,000 cash. d. The common stock was issued for cash. e. There was a $65,900 credit to Retained Earnings for net income. f. There was a $50,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
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