Preparing a Simple Statement of Cash Flows Using the Indirect Method – Avalos Corporation is preparing its annual financial statements at December 31, 2011. Listed here are the items on its statement of cash flows presented in alphabetical order. Parentheses indicate that a listed amount should be subtracted on the cash flow statement. The beginning balance in cash was $25,000 and the ending balance was $50,000.
| Cash borrowed on three-year note Don't use plagiarized sources. Get Your Custom Essay on prepare the 2011 statement of cash flows for avalos corporation the section reportin 555495 For $10/Page 0nly | $30,000 |
| Decrease in accounts payable | 3,000 |
| Decrease in inventory | 1,000 |
| Increase in accounts receivable | 9,000 |
| Land purchased | 36,000 |
| Net income | 25,000 |
| New delivery truck purchased for cash | 7,000 |
| Stock issued for cash | 24,000 |
Required:
Prepare the 2011 statement of cash flows for Avalos Corporation. The section reporting cash flows from operating activities should be prepared using the indirect method discussed in the chapter.
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