Reference no: EM132964077
Question - The following is selected information from Bravo-Zulu Company for the fiscal years ended December 31, 2016:
Bravo-Zulu Company had a net income of $1,225,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Depreciation was $500,000.
Purchased plant assets for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain.
The stock was issued in exchange for an outstanding note payable of $725,000.
Dividends of $300,000 were paid to shareholders.
Cash balance on Dec 31, 2015, was $250,000 and the cash balance on Dec 31, 2016, was $860,000.
Requirements - Prepare Bravo-Zulu Company's statement of cash flows for the year ended December 31, 2016, using the indirect method.
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