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Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets...

Here are comparative balance sheets for Velo Company.

VELO COMPANY
Comparative Balance Sheets
December 31

Assets

2017

2016
Cash

$ 72,800

$ 33,300
Accounts receivable

86,400

71,300
Inventory

170,200

186,700
Land

72,800

101,600
Equipment

260,000

200,000
Accumulated depreciation—equipment

(66,500

)

(33,800

)
   Total

$595,700

$559,100

Liabilities and Stockholders’ Equity
Accounts payable

$ 35,000

$ 47,200
Bonds payable

150,800

203,600
Common stock ($1 par)

215,200

173,000
Retained earnings

194,700

135,300
   Total

$595,700

$559,100


Additional information:

1. Net income for 2017 was $102,000.
2. Cash dividends of $42,600 were declared and paid.
3. Bonds payable amounting to $52,800 were redeemed for cash $52,800.
4. Common stock was issued for $42,200 cash.
5. No equipment was sold during 2017, but land was sold at cost.


Prepare a statement of cash flows for 2017 using the indirect method.

Solutions

Expert Solution


ekkarill92 answered 1 day ago
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