Reference no: EM132687784

Cash Flow Statement Assignment -

The following are accounting items taken from the records of the Biden Company for 2017:

Payment of dividends to stockholders $20,000

Decrease in accounts payable $24,000

Decrease in accounts receivable $31,000

Increase in inventories $9,600

Increase in salaries payable $20,000

Net income for 2017 $68,000

Payment for purchase of land and building $64,000

Payback for long-term notes payable $23,200 (principal payment: $22,000; interest expense and payment: $1,200)

Issuance of ten-year bonds payable at par value $80,000

Depreciation expense $12,000

Amortization expense 3,500

Cash proceeds from sale of patent rights $32,000

Gain on the sale of patent rights 6,000

Purchase equipment by issuing long-term notes $35,000

Cash (at the beginning of 2017) $280,000

Required - Prepare the Statement of Cash Flows for Biden Company?