Samuel Corp

question 99

Essay

Samuel Corp. has provided the following information for the year ended December 31, 2015. Additional information provided by the company includes the following:
Equipment costing $60,000 was purchased for cash.
Equipment with a net asset value of $10,000 was sold for $16,000.
Depreciation Expense of $16,000 was recorded during the year.
During 2014, the company repaid $43,000 of Long-Term Notes Payable.
During 2014, the company borrowed $34,000 on a new Long-Term Note Payable
There were no stock retirements during the year.
There were no sales of treasury stock during the year.
All sales are on credit.
Prepare a complete statement of cash flows using the indirect method.

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Definitions:

Symbolic Notation

A system of symbols used to represent numbers, quantities, elements, operations, or concepts.

Atomic Statements

Simple declarations about properties or relationships between entities that cannot be further broken down into more fundamental statements.

Main Components

The primary or most important parts that make up a machine, system, or whole.

Connectives

Words or phrases that are used to connect words, phrases, clauses, or sentences, such as "and", "but", and "because".