Shown below are comparative balance sheets for Teal Mountain Company. *Exercise...
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Shown below are comparative balance sheets for Teal Mountain Company.
*Exercise 12-7 Shown below are comparative balance sheets for Teal Mountain Company. Teal Mountain Company Comparative Balance Sheets December 31 sets 2017 2016 Cash 205,156 66 374 Accounts receivable 265,496 229,292 503,839 570,213 nventory Land 241,360 301,700 603400 Equipment 784,420 Accumulated depreciation-equipme 199,122 96 544 S1674,435 $1,801 Total 49 Liabilities and stockholders' Equity Accounts payable 117,663 129,731 Bonds payable 452,55 603,400 Common stock (si pan) 524,958 651,672 Retained earnings 579,264 416,346 Total $1,801,149 $1,674,435 Additional information: 1. Net income for 2017 was $280,581. 2. Depreciation expense was $102,578. 3. Cash dividends of $117,663 were declared and paid. 4. Bonds payable amounting to $150,850 were redeemed for cash $150,850 5. Common stock was issued for $126,714 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a sign e g. -45,000, or in parenthesis e g. (45,000)
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