A Comparative Balance Sheet for Halpern Corporation Is Presented Below

question 15

Essay

A comparative balance sheet for Halpern Corporation is presented below:
Additional information:
1. Net loss for 2017 is $20,000.
2. Cash dividends of $14,000 were declared and paid in 2017.
3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year.
4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash.
5. $22,000 of bonds were retired during the year at carrying (book) value.
6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000.
Instructions
Prepare a statement of cash flows for the year ended 2017, using the indirect method.

---

Definitions:

Vendors List

A list in accounting or business software that contains details about suppliers and vendors from whom a company purchases goods or services.

Suppliers

Businesses or individuals that provide goods or services to companies, typically as part of the supply chain.

Addresses

A collection of information detailing the location of an individual or organization, typically including elements such as street name, number, city, and postal code.

Enter Bills

The process of recording invoices received from suppliers into the accounting system.