Oliver Company provided the following information for the years 2015 and 2016:
Oliver Company Statement For the Year Ended December 31, 2016
Cost of goods sold(20,000)
Net income$ 40,000
Oliver Company Comparative Balance Sheets At December 31, 2015 and 201620152016Assets
Cash 24,600 64,600
Accounts Recivable 5,400 9,200
Inventory 8,000 6,000
Property, Plant & Equipment 160,000 175,000
Accumulated Depreciation (18,000) (20,000)
Land 20,400 47,000
Total Assets 200,400 281,800
Liabilities and Equities
Accounts Payable 8,600 10,000
Mortgage Payable -- 40,000
Stockholders' Equity 191,800 231,800
Total Liabilities and Equities 200,400 281,800
1.Calculate the change in cash flows that serves as the control figure for the statement of cash flows.
2.Prepare a schedule that provides operating cash flows for the year 2016 using the indirect method.
3.Assume that you have all the information provided for Requirement 1 except that you only know the beginning balance of accounts receivable for 2016. Given this information and assuming that the operating cash flows for 2016 are $41,000, calculate the ending balance for accounts receivable.
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