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  • Sep 5, 2012, 03:58 PM
    bestaburger0493
    Need Help on my Statement of Cash Flows Problem
    Complete a Statement of Cash Flows indirect method for the PT Co. for the year ended 12/31/2011.

    PT Co. Balance Sheet 12/31/2011 12/31/2010

    Cash $ 1,756 $770
    Accounts Receivable $ 480 $385
    Inventory $ 372 $ 495
    Land $ 200 $ 330
    Equipment $2,560 $ 1,760
    Accumulated Depre. - Equip. $ (580) $ (220)

    Total Assets $ 4,788 $ 3,520

    A/P $ 900 $ 660
    Bonds Payable $ 1800 $ 1100
    Common Stock $ 990 $ 990
    Retained Earnings $ 1,098 $ 770

    Total Liabilities and Equity $ 4,788 $ 3,520

    PT Co. Income Statement year ending 12/31/2011
    Sales Rev. $ 9,000
    COGS $ (6,000)
    =Gross Profit $ 3,000
    Other Expenses $ (2,000)
    Gain on Sale of Land $ 400
    = Net Income $ 1,400

    Notes on 2011 Activities:
    1. Equipment with a cost of $50 and a Book Value of $30 was sold for cash of $30. Equipment was purchased for cash.
    2. Land was sold for cash.
    3. Cash dividends were declared and paid.
    4. Bonds were issued on 12/31/2011 for cash.

    If someone can also solve this and see where I got off on my numbers I believe it has to do with the notes part. But I am not sure help would be appreciated!

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