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Prepare a statement of cash flows—direct method.
Data for Cadet Company are presented in P12-9B. Further analysis reveals that accounts payable pertain to merchandise creditors.
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Prepare a statement of cash flows for Cadet Company using the direct method.
P12-9B
Prepare a statement of cash flows—indirect method.
Condensed financial data of Cadet Company are shown below.
Additional information:
1. New plant assets costing $151,000 were purchased for cash during the year.
2. Investments were sold at cost.
3. Plant assets costing $36,000 and accumulated depreciation of $26,000 were sold for $13,000.
4. A cash dividend of $45,000 was declared and paid during the year.
Instructions
Prepare a statement of cash flows using the indirect method.
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