Solution-Prepare alegres statement of cash flows

Prepare alegres statement of cash flows

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Reference no: EM13519173

Alegre Retail Corporation's most recent comparative Balance Sheet is as follows:

	Ending	Beginning
Assets
Cash	$ 7,000	$ 12,000
Accounts receivable, net	11,000	2,000
Merchandise inventory	39,000	24,000
Long-term investments	23,000	9,000
Equipment	83,000	100,000
Accumulated depreciation	(66,000)	(62,000)
Total assets	$97,000	$85,000

Liabilities and Stockholders' Equity

Accounts payable	$ 9,000	$28,000
Taxes payable	1,000	2,000
Notes payable	16,000	10,000
Common stock	42,000	30,000
Retained earnings	29,000	15,000
Total liabilities and stockholders' equity	$97,000	$85,000

Alegre's net income was $34,000. No direct exchange transactions occurred at Alegre during the year. No equipment was purchased. There was a gain of $3,000 when equipment was sold. The accumulated depreciation on the equipment sold was $12,000. Cash dividends of $20,000 were declaredand paid during the year. Alegre uses the indirect method to prepare its statement of cash flows.

Required:

Prepare Alegre's statement of cash flows.

Reference no: EM13519173

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Prepare alegres statement of cash flows

Reference no: EM13519173

Reference no: EM13519173

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