Matthauson Company Has the Following Comparative Balance Sheet Data Available

question 16

Essay

Matthauson Company has the following comparative balance sheet data available:
Additional information:
1.The company reports net income of $100,000 and depreciation expense of $20,000 for the year ending December 31,2019.
2.Dividends declared and paid in 2019,$70,000.
3.Equipment with a cost of $20,000 and accumulated depreciation of $10,000 was sold for $3,000.
4.New equipment was purchased for cash.
5.No common stock was retired during 2019.
The company also reports the following income statement for the year ending December 31,2019:
Using the direct method,prepare the statement of cash flows for the year ending December 31,2019.

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