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I need help with this question. The following schedule of information relates to Page Products for the year, 2013:
Income statement data:
Sales $580,000
Depreciation expense 21,000
Net income 77,000
Cash receipts:
From issuance of common stock $44,000
From sale (at book value) of stock investment 28,000
Cash payments:
For purchase of land $124,000
To stockholders as dividends 22,000
To payoff notes payable 14,000
Change in working capital accounts:
Cash increase $5,000
Accounts receivable increase 6,000
Inventory decrease 3,000
Accounts payable decrease 4,000
Accrued liabilities increase 2,000
The cash balance was $22,000 at the beginning of 2013. In good form, prepare a 2013 statement of cash flows for Page Products using the indirect method.
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