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ACC - The CFS Corporation

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Question

Question;1.Based on the following information, prepare a statement of cash flows for Year 2 using the indirectmethod. (20 points)The CFS CorporationComparative Balance SheetAs of December 31, Year 1 and Year 2December 31,Year 1AssetsCurrent assetsCashAccounts receivableInventoriesTotal current assetsProperty, plant, and equipmentLandBuilding and equipmentAccumulated depreciationTotal property, plant,and equipmentTotal AssetsLiabilities and Shareholders' EquityCurrent liabilitiesAccounts payableTotal current liabilitiesNoncurrent liabilitiesBonds payableNotes payableTotal noncurrent liabilitiesShareholders' equityCommon stockRetained earningsTotal shareholders' equityTotal Liabilities and Shareholders' EquityYear 2$ 10,00020,00015,00045,000$30,00015,00020,00065,00010,000100,000(10,000)100,000$145,00010,000120,000(20,000)110,000$175,000$ 20,00020,000$ 30,00030,00050,00020,00070,00040,00030,00070,00020,00035,00055,000$145,00030,00045,00075,000$175,000Dividends paid during Year 2 are $0. There were no dispositions of property during the year.

 

Paper#43901 | Written in 18-Jul-2015

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