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Category > Accounting Posted 21 Apr 2017 My Price 5.00

Depreciation

The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant  Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Reliant  Company had interest expense of $50,000. Cash balance on January 1, 2016 was $250,000.

Requirements: Prepare Reliant  Company's statement of cash flows for the year ended December 31, 2016 using the indirect method.

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SuperTutor
(15)
Status NEW Posted 21 Apr 2017 02:04 AM My Price 5.00

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