INSTRUCTIONS: There are two parts to this handout (A and B). PART A: Statement of...
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Accounting
INSTRUCTIONS: There are two parts to this handout (A and B). PART A: Statement of Cash Flows A comparative balance sheet for Barker Corporation is presented below. Assets Cash Investments Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2017 2016 $ 72,870 $ 22,000 O 10,000 83,730 67,860 181,730 190,860 72,730 111,860 261,730 201,860 (70,730) (43,860) $602,060 $560,580 $ 35,730 150,000 214,000 202,330 $602,060 S 48,860 200.000 164,000 147,720 $560,580 Additional information: 1. Net Income for 2017 was $118,460. 2. Barker's investment in securities of PMCS Inc. became worthless during 2017 when PMCS Inc. declared bankruptcy. Barker recorded a $10,000 loss on the investment. 3. No other gains or losses were recorded during the year. 4. Cash dividends of $63,850 were declared and paid during 2017. REQUIRED: Prepare Barker's Statement of Cash Flows for 2017 using the indirect method and the template on page 2. Use Illustration 5-23 from page 221 of the textbook as an outline
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