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Prepare a statement of cash flows for 2016 in good form using the indirect method for cash flows from operating activities.
The Murdock Corporation reported the following balance sheet data for 2016 and 2015 4 20162015 Cash Available-for-sale securities (not cash $ 92,915 $ 31,355 22,500 99,000 94.000 80,850 179,000 57600 3,400 1.278,000 1,139,000 (624,000) (586,000) equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation 0140:55 2,760 Total assets 1,045,175 $ 925,205 Accounts payable Salaries payable $88,940 $162,670 31,500 37,600 89,000o 0 300,000 300,000 379,035 342.035 25,600 Notes payable (current) Bonds payable Common stock Retained earnings 214,000 Total liabilities and shareholders equity $ 1,045,175 $ 925,205 Additional information for 2016 Sold available-for-sale securities costing $76,500 for $82,40o. Equipment costing $20,000 with a book value of $6,400 was sold for $8.100 Issued 6% bonds payable at face value, $214,000. Purchased new equipment for $159,000 cash. Paid cash dividends of $27000 Net income was $64,000 Required Prepare a statement of cash flows for 2016 in good form using the indirect method for rach finns frnm nne rat inn activities ,Δmniinte n he edirred .hnild ho indir, ad with
4 MURDOCK COMPANY Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from operating activities 01:40:07Net income Adjustments for noncash effects: Net cash flows from operating activities Cash flows from investing activities 0 Net cash flows from investing activities Cash flows from financing activities 0 Net cash flows from financing activities Cash balance, January 1 Cash balance, December 31 0
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