The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:   Dec. 31, 20Y2 Dec. 31, 20Y1 Assets     Cash $115   $37   Accounts receivable (net) 66   47   Inventories 41   26   Land 94   105   Equipment 53   41   Accumulated depreciation-equipment (14)   (7)     Total Assets $355   $249   Liabilities and Stockholders' Equity     Accounts payable (merchandise creditors) $45   $37   Dividends payable 7   -   Common stock, $1 par 23   12   Excess of paid-in capital over par 56   29   Retained earnings 224   171     Total liabilities and stockholders' equity $355   $249   The following additional information is taken from the records: Land was sold for $28. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $76 credit to Retained Earnings for net income. There was a $23 debit to Retained Earnings for cash dividends declared. Prepare a statement of cash flows, using the indirect method of presenting Cash flows from (used for) operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:

  Dec. 31, 20Y2 Dec. 31, 20Y1
Assets    
Cash $115   $37  
Accounts receivable (net) 66   47  
Inventories 41   26  
Land 94   105  
Equipment 53   41  
Accumulated depreciation-equipment (14)   (7)  
  Total Assets $355   $249  
Liabilities and Stockholders' Equity    
Accounts payable (merchandise creditors) $45   $37  
Dividends payable 7   -  
Common stock, $1 par 23   12  
Excess of paid-in capital over par 56   29  
Retained earnings 224   171  
  Total liabilities and stockholders' equity $355   $249  

The following additional information is taken from the records:

  1. Land was sold for $28.
  2. Equipment was acquired for cash.
  3. There were no disposals of equipment during the year.
  4. The common stock was issued for cash.
  5. There was a $76 credit to Retained Earnings for net income.
  6. There was a $23 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting Cash flows from (used for) operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

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