Question

In: Accounting

The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as...

The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:

Dec. 31, 20Y9 Dec. 31, 20Y8
Assets
Cash $239,880 $222,120
Accounts receivable (net) 86,900 79,770
Inventories 245,310 236,190
Investments 0 91,510
Land 125,820 0
Equipment 270,660 208,820
Accumulated depreciation—equipment (63,360) (56,310)
Total assets $905,210 $782,100
Liabilities and Stockholders' Equity
Accounts payable $163,840 $154,070
Accrued expenses payable 16,290 20,330
Dividends payable 9,050 7,040
Common stock, $10 par 48,880 38,320
Paid-in capital: Excess of issue price over par-common stock 183,760 106,370
Retained earnings 483,390 455,970
Total liabilities and stockholders’ equity $905,210 $782,100

Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:

  1. Equipment and land were acquired for cash.
  2. There were no disposals of equipment during the year.
  3. The investments were sold for $82,360 cash.
  4. The common stock was issued for cash.
  5. There was a $64,180 credit to Retained Earnings for net income.
  6. There was a $36,760 debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

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ekkarill92 answered 2 years ago
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