Prepare a statement of cash flows for indirect method

Assignment Help Accounting Basics

Reference no: EM131837000

Question: The following are comparative balance sheets for Mitch Company

Additional information: 1. Net income for 2017 was $93,000.

2. Depreciation expense was $34,000.

3. Cash dividends of $39,000 were declared and paid.

4. Bonds payable amounting to $50,000 were redeemed for cash $50,000.

5. Common stock was issued for $42,000 cash.

6. No equipment was sold during 2017.

7. Land was sold for its book value.

Instructions: Prepare a statement of cash flows for 2017 using the indirect method.

Reference no: EM131837000

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