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On the basis of the following data for Grant Co. for 2010 and the preceding year ended December 31, 2009, prepare a statement of cash flows. Use the indirect method of reporting cash flows from operating activities. Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000; that the stock was issued for cash; and that the only entries in the retained earnings account were net income of $56,000 and cash dividends declared of $18,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M984596

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