Prepare a statement of cash flows

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Reference no: EM133496319

Question: December 31 2017 2016 Cash $11,000 $13,800 Accounts...

December 31
	2017	2016
Cash	$11,000	$13,800
Accounts receivable	27,500	20,600
Inventory	21,800	36,400
Prepaid rent	12,400	8,300
Land	103,100	103,100
Plant and equipment	550,000	412,500
Accumulated depreciation	(89,400)	(41,300)
Totals	$636,400	$553,400

Accounts payable	$16,500	$13,800
Income taxes payable	4,100	6,900
Short-term notes payable	48,100	34,400
Bonds payable	103,000	138,000
Common stock	275,000	206,300
Retained earnings	189,700	154,000
Totals	$636,400	$553,400

Bonds were retired during 2017 at face value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation expense for the year was $48,100. Net income was reported at $35,700.

Required:

Question: Prepare a statement of cash flows for 2017 using the indirect method in the Operating Activities section. Use the minus sign to indicate cash payments, cash outflows, or decreases in cash. please provide answer based on questions

Reference no: EM133496319

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