The comparative balance sheets of Buffalo Inc. at the beginning and the end of the...
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Accounting
The comparative balance sheets of Buffalo Inc. at the beginning and the end of the year 2017 are as follows.
BUFFALO INC. BALANCE SHEETS
Dec. 31, 2017
Jan. 1, 2017
Inc./Dec.
Assets
Cash
$ 46,260
$ 14,260
$32,000
Inc.
Accounts receivable
94,980
90,720
4,260
Inc.
Equipment
42,980
24,720
18,260
Inc.
Less: Accumulated Depreciation-Equipment
20,980
11,000
9,980
Inc.
Total
$163,240
$118,700
Liabilities and Stockholders Equity
Accounts payable
$ 23,980
$ 17,720
6,260
Inc.
Common stock
101,260
82,720
18,540
Inc.
Retained earnings
38,000
18,260
19,740
Inc.
Total
$163,240
$118,700
Net income of $47,980 was reported, and dividends of $28,240 were paid in 2017. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2017.
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