Answer Happy

The comparative balance sheets and income statements for Zachary Company follow: Balance Sheets As of December 31 Year 2 Year 1 Assets Cash $ 21,805 $ 2,550 Accounts receivable 2,467 1,480 Inventory 6,190 5,803 Equipment 17,762 Accumulated depreciation-equipment (8,650) 40,152 (15,828) Land 18,684 9,164 Total assets $ 58,258 $ 43,321 Liabilities and equity $ 2,756 $4,453 Accounts payable (inventory) Long-term debt Common stock 2,963 6,773 22,700 10,000 Retained earnings 29,839 22,095 Total liabilities and equity $ 58,258 $ 43,321
Check my wor Income Statement For the Year Ended December 31, Year 2 Sales revenue Cost of goods sold Gross margin Depreciation expense Operating income Gain on sale of equipment Loss on disposal of land Net income $ 15,488 Additional Data 1. During Year 2, the company sold equipment for $18,547; It had originally cost $28,900 Accumulated depreciation on this equipment was $10,753 at the time of the sale. Also, the company purchased equipment for $6,510 cash. 2. The company sold land that had cost $3,180. This land was sold for $3.100, resulting in the recognition of a $80 loss. Also, common stock was issued in exchange for title to land that was valued at $12,700 at the time of exchange. 3. Paid dividends of $7,744. Required Prepare a statement of cash flows using the indirect method. (Amounts to be deducted and cash outflows should be indicated by a $ 31,050 (12,307) 18,743 (3,575) 15,168 400 (80)