The Dickinson Company Reported Net Income of $155,000 for the Current

question 104

Essay

The Dickinson Company reported net income of $155,000 for the current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year. In addition, a building with an original cost of $250,000 and accumulated depreciation of $190,000 on the date of the sale, was sold for $75,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method.