Nichol Corporation's comparative balance sheets are presented below.

NICHOL CORPORATION

Comparative Balance Sheets

December 31

                                                                                                              2016                        2015   

                       Cash                                                                           $ 12,200                     $ 17,700

                       Accounts receivable                                                      25,200                       22,300

                       Investments                                                                   25,000                       16,000

                       Equipment                                                                     60,000                       70,000

                       Accumulated depreciation                                          (14,000)                     (10,000)

                           Total                                                                      $108,400                   $116,000

                       Accounts payable                                                      $ 14,600                     $11,100

                       Bonds payable                                                              10,000                      30,000

                       Common stock                                                             50,000                       45,000

                       Retained earnings                                                        33,800                      29,900

                          Total                                                                        $108,400                  $116,000

 

Additional information:

1.    Net income was $17,300. Dividends declared and paid were $13,400.

2.    Equipment which cost $10,000 and had accumulated depreciation of $2,200 was sold for $3,800.

3.    All other changes in noncurrent account balances had a direct effect on cash flows, except          the change in accumulated depreciation.

 

Instruction

Prepare a statement of cash flows for 2015 using the indirect method. (25 pts.)

SuperTutor

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Status NEW Posted 22 May 2017 04:05 AM My Price 7.00

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