Statement of cash flows for the year ended december

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Reference no: EM131464270

The following is selected information from Aztec Company for the fiscal years ended December 31, 2015: Aztec Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Aztec Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.

Requirements: Prepare Aztec Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.

Hint (recall the 3 sections)

Reference no: EM131464270

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