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Problem - Willingham Corporation's comparative balance sheets are presented below.
WILLINGHAM CORPORATION Comparative Balance Sheets December 31
2011
2010
Cash
$14,170
$10,750
Accounts receivable
21,150
23,360
Land
20,990
26,300
Building
70,450
Accumulated depreciation
(15,080)
(10,430)
Total
$111,680
$120,430
Accounts payable
$12,040
$31,050
Common stock
74,860
68,850
Retained earnings
24,780
20,530
Additional information:
1. Net income was $22,550. Dividends declared and paid were $18,300.
2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,830.
Required -
Prepare a statement of cash flows for 2011 using the indirect method.
Compute free cash flow.
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