Question - Here are comparative balance sheets for Velo Company.
|
VELO COMPANY Comparative Balance Sheets December 31
|
|
Assets
|
2017
|
2016
|
|
Cash
|
$73,500
|
$32,700
|
|
Accounts receivable
|
85,600
|
71,100
|
|
Inventory
|
169,500
|
187,200
|
|
Land
|
73,300
|
100,800
|
|
Equipment
|
260,200
|
200,600
|
|
Accumulated depreciation-equipment
|
(66,200)
|
(33,500)
|
|
Total
|
$595,900
|
$558,900
|
|
Liabilities and stockholders' Equity
|
|
|
|
Accounts payable
|
$35,200
|
$47,300
|
|
Bonds payable
|
151,600
|
203,100
|
|
Common stock ($ 1 par)
|
216,600
|
175,500
|
|
Retained earnings
|
192,500
|
133,000
|
|
Total
|
$595,900
|
$558,900
|
Additional information -
1. Net Income for 2017 was $104,000
2. Cash dividends of $45,300 were declared and paid.
3. Bonds payable amounting to $51,500 were redeemed for cash $51,500.
4. Common stock was issued for $41,100 cash,
5. No equipment was sold during 2017, but land was sold at cost.
Required - Prepare a statement of cash flows for 2017 using the indirect method.