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Question - The income statement for Matt Smith, Ltd. is as follows:
Matt Smith, Ltd. Income Statement December 31, 2020
Sales
3,750,000
Beginning Inventory
1,000,000
Purchases
2,000,000
Ending Inventory
(500,000)
Cost of Goods Sold
(2,500,000)
Gross Profit
1,250,000
Depreciation & Amortization
300,000
Wages Expense
200,000
Insurance Expense
100,000
Total Expenses
(600,000)
Income Before Taxes
650,000
Income Taxes
(260,000)
Net Income
390,000
Other information:
Cash balance at 1/1/2020
258,125
Cash balance at 12/31/2020
774,375
Increase in Accounts Receivable
50,000
Increase in Preaid Insurance
60,000
Decrease in Accounts Payable
Increase in Wages Payable
30,000
Issued 10-year bonds payable
750,000
Purchased land
262,500
Purchased new machinery
450,000
Invested in a money market account
206,250
Declared dividends
375,000
Required - Prepare a Statement of Cash Flows using the Indirect Method for Operating Cash Flows?
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