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:
Biological Factors
Refer to physiological, genetic, and neurological conditions that affect an individual's behavior and traits.
Social Factors
Aspects of society that influence individuals' behaviors, attitudes, and life chances.
Life Span
The maximum or average duration of life of an organism or a category of organisms.
Personality Develops
The process by which an individual's characteristic patterns of thinking, feeling, and behaving are established and change over time.
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