P-F:16-33A Preparing the statement of cash flowsindirect method Accountants for Morganson, Inc. have assembled the...
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P-F:16-33A Preparing the statement of cash flowsindirect method Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 2024: 2024 Current Assets: Cash Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Income Tax Payable $ 99,400 64,100 83,000 57,600 14,800 2023 $ 25,000 69,700 75,000 55,200 16,800 Transaction Data for 2024: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash $ 38,000 Payment of notes payable 24,000 Payment of cash dividends 74,000 Issuance of notes payable to borrow cash Acquisition of land by issuing long-term notes payable 119,000 Gain on sale of building Book value of building sold 54,000 Net income $ 46,100 50,000 62,000 4,500 68,500 Prepare Morgansons statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.
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