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Statement of cash flows that describe the change that occurred in cash
Prepare statement of cash flows (indirect method) using balance sheet data Following are comparative balance sheets for Millco, Inc., at January 31 and February 28, 2009:
MILLCO, INC. Balance Sheets February 28 and January 31, 2009
Assets
February 28
January 31
Cash
$42,000
$37,000
Accounts Receivable
64,000
53,000
Merchandise inventory
81,000
94,000
Total current assets
$187,000
$184,000
Plant and Equipment:
Production Equipment
166,000
152,000
Less : Accumulated depreciation
(24,000)
(21,000)
Total assets
$329,000
$315,000
Liabilities
Accounts Payable
$41,000
Short-term debt
44,000
Other accrued liabilities
21,000
24,000
Total Current liabilities
$102,000
$109,000
Long- term debt
33,000
46,000
Total Liabilities
$135,000
$155,000
Owner's Equity
Common Stock, no par value, 40,000 shares authorized, 30,000 and 28,000
Shares issued , respectively
$104,000
$96,000
Retained earnings:
Beginning Balance
$64,000
$43,000
Net income for month
36,000
29,000
Prepare a statement of cash flows that explains the change that occurred in cash during the month. You may assume that the change in each balance sheet amount is due to a single event (for example, the change in the amount of production equipment is not the result of both a purchase and sale of equipment). (Hints: What is the purpose of the statement of cash flows? How is this purpose accomplished?
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