December 312011 2010Cash $ 64,000 $ 36,000Accounts receivable, net 53,000 57,000Inventory 171,000 12

December 312011 2010Cash $ 64,000 $ 36,000Accounts receivable, net 53,000 57,000Inventory 171,000 123,000Land 180,000 285,000Building 300,000 300,000Accumulated depreciation (75,000) (60,000)Equipment 1,545,000 900,000Accumulated depreciation (177,000) (141,000)$2,061,000 $1,500,000Accounts payable $172,000 $150,000Bonds payable 480,000 -0-Capital stock, $10 par 1,125,000 1,125,000Retained earnings 284,000 225,000$2,061,000 $1,500,000Additional Data:1. Net income for the year amounted to $104,000.2. Cash dividends were paid amounting to 4% of par value.3. Land was sold for $120,000.4. Sharp sold equipment, which cost $225,000 and had accumulated depreciation of $90,000, for $105,000.Instructions:Prepare a statement of cash flows using the indirect method.Specify:(1) Cash flows from (a) operations, (b) investing and (c) financing activities.(2) Net increase or decrease in cash from January to December, 2011.

 

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