Liabilities and Shareholders' Equity Accounts payable $ 21,000 $ 9,000 Mortgage payable 37,000 45,000 Common shares 40,000 23,000 Retained earnings 89,000 75,000 Total liabilities and shareholders' equity $187,000 $152,000
Additional information regarding fiscal 2016: 1. Profit for the year was $27,000. 2. Cash dividends of $13,000 were declared and paid during the year. 3. Long-term investments with a carrying amount of $53,000 were sold for $48,000 cash.
Instructions Using the indirect method, prepare a statement of cash flows for the year ended December 31, 2016.
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