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Prepare statement of cash flows using the indirect method

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Reference no: EM13486929

Question # 1

The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012, is shown as follows:

954_Comparative balance sheet of Flack Inc.gif

The following additional information was taken from the records:

The investments were sold for $105,000 cash.

Equipment and land were acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $58,140 credit to Retained Earnings for net income.

There was a $36,000 debit to Retained Earnings for cash dividends declared.

Instructions:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities . Use the minus sign to indicate cash outflows, negative amounts or a decrease in cash.

Reference no: EM13486929

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