Problem:
Street Cellular accountants have assembled the following data for the year ended June 30, 2012
- Cash Receit from sale of land .....29,000
- depreciation expense ........19,000
- payment of dividends 5,700
- cash reciet frominsureance of common stock....16,000
- Net Income....64,000
- Purchase of equitment....44,000
- Decrease in Liabilities...7,000
- Increase in Current Assets other than cash....13,000
Required:
Question: Prepare Street Cellular's Statement of Cash Flows using the indirect method for the year ended June 30, 2012. Stop after determining the net increase (or decrease) in cash.
Note: Please provide full description.