The information in the 20X1 and 20X0 balance sheets and the 20X1 income statement for the Brothers

The information in the 20X1 and 20X0 balance sheets and the 20X1 income statement for the Brothers

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The information in the 20X1 and 20X0 balance sheets and the 20X1 income statement  for the Brothers' Quintet, Inc. will be used to illustrate the preparation of the statement of  cash flows using the direct and indirect methods. Additional information regarding the  Brothers' Quintet, Inc., include: All sales are made on credit. The company has no bad debts. Accounts payable represents amounts owed suppliers for merchandise. All 
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Unformatted text preview: purchases of merchandise are made on account. • Equipment with a cost of $15,000 and accumulated depreciation of $5,000 was sold for $7,000. • 1,000 additional shares of common stock were sold for $10 each. • Dividends totaling $600 were declared and paid in the current year. • No amounts are accrued for interest or income taxes....
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