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Question - Statement of Cash Flows-Indirect Method - The following balances are available for Chrisman Company:
December 31
2016
2015
Cash
$8,800
$11,000
Accounts receivable
22,000
16,500
Inventory
17,500
29,200
Prepaid rent
9,900
6,600
Land
82,500
Plant and equipment
440,000
330,000
Accumulated depreciation
(71,500)
(33,000)
Totals
$509,200
$442,800
Accounts payable
$13,200
Income taxes payable
3,300
5,500
Short-term notes payable
38,500
27,500
Bonds payable
83,000
110,000
Common stock
220,000
165,000
Retained earnings
151,200
123,800
Bonds were retired during 2016 at face value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation expense for the year was $38,500. Net income was reported at $27,400.
Required - Prepare a statement of cash flows for 2016 using the indirect method in the Operating Activities section. Use the minus sign to indicate cash payments, cash outflows, or decreases in cash.
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