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Prepare a statement of cash flows for 2017

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Reference no: EM131779973

Here are comparative balance sheets for Velo Company.

VELO COMPANY
Comparative Balance Sheets
December 31
Assets 2017 2016
Cash mce_markernbsp;73,000 mce_markernbsp;33,400
Accounts receivable 86,500 70,900
Inventory 170,000 187,000
Land 72,900 100,300
Equipment 261,000 200,700
Accumulated depreciation-equipment (66,000 ) (34,200 )
   Total $597,400   $558,100  
Liabilities and Stockholders' Equity
Accounts payable mce_markernbsp;35,400 mce_markernbsp;47,000
Bonds payable 148,800 203,600
Common stock ($1 par) 216,500 175,300
Retained earnings 196,700   132,200  
   Total $597,400   $558,100  

Additional information:

1. Net income for 2017 was $101,800.
2. Cash dividends of $37,300 were declared and paid.
3. Bonds payable amounting to $54,800 were redeemed for cash $54,800.
4. Common stock was issued for $41,200 cash.
5. No equipment was sold during 2017, but land was sold at cost.

Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)

Reference no: EM131779973

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