Statement of Cash Flows Volusia Company reported the following balance sheet information: Volusia Company Balance Sheet

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Statement Of Cash Flows Volusia Company Reported The Following Balance Sheet Information Volusia Company Balance Sheet 1 (38.77 KiB) Viewed 15 times

Statement of Cash Flows Volusia Company reported the following balance sheet information: Volusia Company Balance Sheet Jan. I Dec. 31 ASSETS Cash $ 16,300 $ 28,100 Accounts receivable 32.725 26.500 Inventory 28,200 24.100 Prepaid rent 1.300 3,900 Investments, long-term 25,500 37.200 Property, plant, and equipment 102.975 115,000 Accumulated depreciation (38,600) (47-100) Total assets $168.900 $187.700 LIABILITIES AND EQUITY Accounts payable $ 21,200 $ 24.900 Interest payable 3.300 4,700 Wages payable 6.900 4.600 Income taxes payable 5.200 3.500 Notes payable 30,000 35,000 Comunon srack 65,000 72.900 Retained earnings 37-300 42.100 Total liabilities and equity $168.900 $187-700 Additional Information: 1. Net income was $18,300. 2. Cash dividends of $13,500 were declared and paid. 3. Long-term investments with a cost of $21,200 were sold for cash at a loss of $1,500. Additional long-term investments were purchased for $32,900 cash. 4. Equipment with a cost of $25,000 and accumulated depreciation of $16,300 was sold for $4,500 cash. New equipment was purchased for $37,025 cash. 5. Depreciation expense was $24,800. 6. A principal payment of $15,000 was made on long-term notes. Volusia issued notes payable for $20,000 cash. 7. Common stock was sold for $7,900 cash. Required: Prepare a Statement of Cash Flows for Volusia using the indirect method to compute net cash flow from operating activities.