The comparative balance sheets for Gillen Inc. appear below:
Additional information:
1. Net earnings for the year ending December 31, 2013 were $27,000.
2. Cash dividends of $13,000 were declared and paid during the year ended December 31, 2013.
3. Long-term investments that had a carrying amount of $23,000 were sold for $18,000 in 2013.
Prepare a cash flow statement for the year ended December 31, 2013, using the indirect method.
Definitions:
Declarative Assertion
A statement that conveys information or expresses a fact openly and confidently.
Formulating Concepts
The process of creating and defining ideas, principles, or theories through abstract thinking and combining information.
Scholarly Work
Academic or intellectual work that involves rigorous research and scholarship, often contributing new knowledge to a particular field of study.
Intuitive Knowledge
Understanding gained through instinctive feeling rather than conscious reasoning, often based on experiences.
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