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In: Accounting

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.

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