PR 16-1B Statement of cash flows and indirect method
The comparative balance sheet of Juras Equipment Co. for December 31, 2013 and 2012, is as follows:
The following additional information was taken from the records of Juras Equipment:
1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $129,600 cash.
4. The common stock was issued for cash.
5. There was a $228,960 credit to Retained Earnings for net income.
6. There was a $144,000 debit to Retained Earnings for cash dividends declared.
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.