Question

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is...


The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:

Dec. 31, 20Y8 Dec. 31, 20Y7
Assets
Cash $56,540 $69,360
Accounts receivable (net) 86,880 93,510
Merchandise inventory 124,120 115,890
Prepaid expenses 5,060 3,510
Equipment 252,830 207,650
Accumulated depreciation-equipment (65,740) (50,920)
Total assets $459,690 $439,000
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $96,530 $91,750
Mortgage note payable 0 131,700
Common stock, $1 par 14,000 9,000
Paid-in capital: Excess of issue price over par-common stock 199,000 124,000
Retained earnings 150,160 82,550
Total liabilities and stockholders’ equity $459,690 $439,000

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:

Net income, $173,080.

Depreciation reported on the income statement, $32,050.

Equipment was purchased at a cost of $62,410, and fully depreciated equipment costing $17,230 was discarded, with no salvage realized.

The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.

5,000 shares of common stock were issued at $16 for cash.

Cash dividends declared and paid, $105,470.

Required:

Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Yellow Dog Enterprises Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y8

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