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Presented on the next page are the comparative balance sheets for Martin Company at December 31.
Additional information:
1. Operating expenses include depreciation expense $65,000 and charges from prepaid expenses of $4,400.2. Land was sold for cash at cost.3. Cash dividends of $69,290 were paid.4. Net income for 2011 was $32,890.5. Equipment was purchased for $80,000 cash. In addition, equipment costing $40,000 with a book value of $23,000 was sold for $25,000 cash.6. Bonds were converted at face value by issuing 30,000 shares of $1 par value common stock.
Instructions
Prepare a statement of cash flows for 2011 using the indirectmethod.
Vacation pay and pension benefits - The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $340,000 during the period.
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