On the basis of the following data for Grant Co. for 2011 and the preceding year ended December 31, 2010, prepare a statement of cash flows. Use 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 net income of $56,000 and cash dividends declared of $18,000.
Definitions:
Interval Data
Data measured along a scale, where each point is placed at an equal distance from one another, allowing for operations like addition and subtraction.
Pie Charts
A circular statistical graphic divided into slices to illustrate numerical proportion, with the size of each slice proportional to the quantity it represents.
Bar Charts
A type of graphical display used to represent categorical data with rectangular bars of lengths proportional to the values they represent.
Nominal Data
Data classified into categories that cannot be ordered or ranked.
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