Solution-Prepare a statement of cash flows for year ended

Prepare a statement of cash flows for year ended december

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Reference no: EM131226457

A comparative balance sheet for Century Company appears below:

Century COMPANY Comparative Balance Sheet
	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash	$29,000	$10,000
Accounts receivable	18,000	14,000
Inventory	27,000	18,000
Prepaid expenses	6,000	9,000
Long-term investments	-0-	18,000
Equipment	60,000	32,000
Accumulated depreciation-equipment	-18,000	-14,000
Total assets	$122,000	$87,000
Liabilities and Stockholders' Equity
Accounts payable	$17,000	$7,000
Bonds payable	37,000	47,000
Common stock	40,000	23,000
Retained earnings	28,000	10,000
Total liabilities and stockholders' equity	$122,000	$87,000

Additional information:

1. Net income for the year ending December 31, 2015 was $30,000.
2. Cash dividends of $12,000 were declared and paid during the year.
3. Long-term investments that had a cost of $18,000 were sold for $16,000.
4. Sales for 2015 were $150,000.

Instructions

Prepare a statement of cash flows for the year ended December 31, 2015, using the indirect method.

Reference no: EM131226457

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Prepare a statement of cash flows for year ended december

Reference no: EM131226457

Reference no: EM131226457

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