Patton Industries Ltd.'s 2014 single step income statement and comparative balance sheet are provided below: Additional information:
1. No new long-term debt was taken during the year.
2. New equipment was purchased, and none was sold.
3. Common shares were issued for cash.
4. Cash dividends were paid to common shareholders.
Instructions
Prepare the cash flow statement for 2014, using the indirect method.

Question

Patton Industries Ltd.'s 2014 single step income statement and comparative balance sheet are provided below:  Additional information:
1. No new long-term debt was taken during the year.
2. New equipment was purchased, and none was sold.
3. Common shares were issued for cash.
4. Cash dividends were paid to common shareholders.
Instructions
Prepare the cash flow statement for 2014, using the indirect method.

Quizplus · Accepted Answer

The Answer of Patton Industries Ltd.'s 2014 single step income statement and comparative balance sheet are provided below:  Additional information:
1. No new long-term debt was taken during the year.
2. New equipment was purchased, and none was sold.
3. Common shares were issued for cash.
4. Cash dividends were paid to common shareholders.
Instructions
Prepare the cash flow statement for 2014, using the indirect method.