Use the following information to prepare a statement of

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Reference no: EM13390010

1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate.

(a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable).

(b) Issued capital stock for $4,000 of equipment.

(d) Paid cash dividend, $3,000 (declared in prior year).

(e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000.

(f) Purchased equipment for $12,000 in exchange for a note payable due in two years.

(g) The cash balance on January 1, 2010 was $10,000.

Reference no: EM13390010

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