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Preparation of cash flow statement using indirect method.
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
28-Feb
31-Jan
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 ..........................
(24000)
(21000)
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
Owners\' 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
Dividends ..........................
(10000)
(8000)
Ending balance ............................
$90,000
Total owners\' equity ............................
$194,000
$160,000
Total liabilities and owners\' equity ...........................
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