Accountants for Carlson, Inc. have assembled the following
data for the year ended
December 31, 2016:2016 2015
Current Assets:
Cash $89,200 $18,000
Accounts Receivable 64,600 68,800
Merchandise Inventory 85,000 77,000
Current Liabilities:
Accounts Payable $57,500 $55,400
Income Tax Payable 14,700 16,200Transaction Data for 2016:Issuance of common stock for cash $ 38,000
Payment of notes payable: $ 51,100
Depreciation expense: 21,000
Payment of cash dividends: 46,000
Purchase of equipment with cash: 73,000
Issuance of notes payable to borrow cash: 61,000
Acquisition of land by issuing long-term notes payable: 122,000
Gain on sale of building:
2,000
Book value of building sold: 55,000
Net income: 69,500Prepare Carlson’s statement of cash flows using the indirect
method. Include an
accompanying schedule of non-cash investing and financing
activities.