Reference no: EM132905930
Problem - YZA Corp. has the following amounts for 2016:
Net income of $3,600,000
Increase in retained earnings of $2,800,000
Cash dividends declared and paid in 2016 Stock dividends of 6,000 shares with a market value of $600,000
Increase in gross accounts receivable balance, $1,000,000
Increase in allowance for doubtful accounts, $400,000
Proceeds from issuance of long-term debt, $1,400,000
Conversion of long-term debt to common stock, $200,000
Payment on short term portion of long-term debt, $70,000
Machinery that cost $200,000 and had accumulated depreciation of $150,000 was sold for $70,000
Cash balance at 1/1/2016, $4,000,000
Required - Prepare the full cash flow statement for YZA Corp. for the year ended December 31, 2016 using the indirect method.