Reference no: EM133073947
Question - The following schedule of information relates to Lumos, Inc. for the year ended December 31, 2017 (20 points total):
Non-operating cash receipts:
Issuance of common stock $65,280
Sale of land (current book value $111,600) 94,800
Sale of intangible assets (sold at book value) 37,800
Non-operating cash payments:
Purchase of marketable securities as investment 1,020,000
Payment of stockholder dividends 117,600
The company's balance sheet reports the following:
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December 31, 2017
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December 31, 2016
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Cash
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$134,160
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$100,800
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Accounts receivable
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470,400
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424,800
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Inventory
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61,680
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80,400
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Accounts payable
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450,000
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576,000
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Accrued liabilities
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336,000
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438,000
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The company's 2017 income statement reports the following:
Depreciation expense $114,000
Fixed asset impairment 9,000
Net income 1,088,160
Required - Prepare a statement of cash flow, in good form, for December 31, 2017 for Lumos, Inc. using the indirect method.
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