On the basis of the following data for Garrett Co.for Years 1 and 2 ended December 31,prepare a statement of cash flows using the indirect method of reporting cash flows from operating activities.Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000; that the stock was issued for cash; and that the only entries in the retained earnings account were for net income of $56,000 and cash dividends declared of $18,000.
Definitions:
SimQuick
A software tool used for simulating systems that involve waiting lines, inventories, and project planning.
Buffers
Temporary storage areas that help manage differences in operation speed by storing data or materials.
Objects
Items, entities, or instances that can possess attributes and operations in programming and computer science contexts.
FCFS System
First Come, First Served, a queuing system where the first item or person to arrive is the first to be attended to.
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