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SCULLY CORPORATION

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SCULLY CORPORATION;E13-8 Here are comparative balance sheets for Taguchi Company.;SCULLY CORPORATION;Comparative Balance Sheets;December 31;2011 2010;Cash $ 14,300 $ 10,700;Accounts receivable 21,200 23,400;Land 20,000 26,000;Building 70,000 70,000;Accumulated depreciation (15,000) (10,000);Total $110,500 $120,100;Accounts payable $12,370 $31,100;Common stock 75,000 69,000;Retained earnings 23,130 20,000;Total $110,500 $120,100;TAGUCHI COMPANY;Comparative Balance Sheets;December 31;Assets 2011 2010;Cash $ 73,000 $ 22,000;Accounts receivable 85,000 76,000;Inventories 170,000 189,000;Land 75,000 100,000;Equipment 260,000 200,000;Accumulated depreciation (66,000) (32,000);Total $597,000 $555,000;Liabilities and Stockholders? Equity;Accounts payable $ 39,000 $ 47,000;Bonds payable 150,000 200,000;Common stock ($1 par) 216,000 174,000;Retained earnings 192,000 134,000;Total $597,000 $555,000;Additional information;1. Net income for 2011 was $103,000.;2. Cash dividends of $45,000 were declared and paid.;3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.;4. Common stock was issued for $42,000 cash.;5. No equipment was sold during 2011, but land was sold at cost.;Instructions;Prepare a statement of cash flows for 2011 using the indirect method;I have to show my work for my homework so i need have that included in work

 

Paper#28611 | Written in 18-Jul-2015

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