Selected financial information for the Bravo Zulu company for the fiscal year ended December 31,...
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Accounting
Selected financial information for the Bravo Zulu company for the fiscal year ended December 31, 2016 is as follows:
Net Income
$122,500
Depreciation expense
50,000
Purchases of plant assets
125,000
Disposals of plants assets
20,000
Gain on Disposal of plant assets
7,500
Accounts receivable decreased
2,500
Accounts payable decreased
4,000
Interest expense
5,000
Income tax expense
2,500
Additionally, Bravo-Zulu issued stock in exchange for an outstanding note payable of $72,500. The cash balance on January 1, 2016 was $37,000. The January 1, 2016 balance for Retained earnings was $250,000 and the December 31, 2016 balance for Retained Earnings was $342,500. Use this information to prepare Bravo-Zulu Companys Statement of Cash Flows for the year ended December 31, 2016 using the indirect method.
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