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Ingersol Construction Supply Company is developing its annual...

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Accounting

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Ingersol Construction Supply Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Additional Data: a. Bought equipment for cash, $14,500, b. Paid $12,500 on the long-term note payable. c. Issued new shares of stock for $16,000 cash. d. Dividends of $22,800 were declared and paid in cash. e. Other expenses included depreciation, $6,300; wages, $20,500; taxes, $8,600; and other, $2,400, f Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Ingersol Construction Supply Company Statement of Cash Flows For the Year Ended December 31, Current Year Adjustments to reconcile net incomefe cash flow from operating activities

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