accounting 459249
On the basis of the following data for Branch Co. for the year ended December 31, 2011 and the preceding year, prepare a statement of cash flows using the indirect method of reporting cash flows from operating activities.
Assume that equipment costing $125,000 was purchased for cash and the land was sold for $15,000. The stock was issued for cash and the only entries in the retained earnings account were net income of $56,000 and cash dividends declared and paid of $18,000.
2010 2011
Cash 65,000 54,000
Accounts Receivable(net) 78,000 85,000
Inventories 106,500 90,000
Land – 20,000
Equipment 495,000 370,000
Accumulated depreciation (215,000) (158,000)
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accounting 459249
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Accounts payable(merchandise creditor) 53,500 55,000
Common stock, $10 par 200,000 170,000
Paid in capital in excuse of par- common stock 62,000 60,000
retained earnings 214,000 176,000
Total 529,500 461,000
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