Nathan Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CEO Consultants.
Purchase of equipment $220,000
Increase in inventory 30,000
Increase in prepaid rent 10,000
Payment of dividends 40,000
Depreciation expense 20,000
Increase in accounts receivable 60,000
Increase in accounts payable 10,000
Loss on sale of land 7,000
Net income 70,000
Repayment of notes payable 50,000
Cash received from the sale of land 3,000
Issuance of common stock 250,000
Prepare the statement of cash flows for CEO Consultants using the indirect method.
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