Prepare a statement of cash flowsĂ˘â‚¬â€ťdirect method.
Data for Lemere Inc. are presented in P12-9A. Further analysis reveals that accounts payable pertain to merchandise creditors.
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Prepare a statement of cash flows for Lemere Inc. using the direct method.
Prepare a statement of cash flowsĂ˘â‚¬â€ťindirect method.
Condensed financial data of Lemere Inc. follow.
1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $26,030 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method.