Excel_Project_6_James_Holliday - Name: Problem: Course:...

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Problem 23-2, Page 1 of 3, 05/02/2011, 07:02:42 Name: James Holliday Problem: P23-2, Statement of Cash Flows - Indirect Method Course: AC 557 Date: 2/13/2011 The comparative balance sheets for Hinckley Corporation show the following information: December 31 2010 2009 Cash $33,500 $13,000 Accounts receivable 12,250 10,000 Inventory 12,000 9,000 Investments 0 3,000 Building 0 29,750 Equipment 45,000 20,000 Patent 5,000 6,250 Totals $107,750 $91,000 Allowance for doubtful accounts $3,000 $4,500 Accumulated depreciation on equipment 2,000 4,500 Accumulated depreciation on building 0 6,000 Accounts payable 5,000 3,000 Dividends payable 0 5,000 Notes payable, short-term (nontrade) 3,000 4,000 Long-term notes payable 31,000 25,000 Common stock 43,000 33,000 Retained earnings 20,750 6,000 Totals $107,750 $91,000 Additional data related to 2010 are as follows: 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were
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Excel_Project_6_James_Holliday - Name: Problem: Course:...

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