(Solution) - The comparative balance sheet of Beets Industries Inc at Decem -(2025 Original AI-Free Solution)

Paper Details

The comparative balance sheet of Beets Industries, Inc. at December 31, 2013 and 2012, is as follows:

An examination of the income statement and the accounting records revealed the following additional information applicable to 2013:
a. Net income, $441,960.
b. Depreciation expense reported on the income statement: buildings, $44,280; machinery and equipment, $19,440.
c. Patent amortization reported on the income statement, $12,000.
d. A building was constructed for $496,800.
e. A mortgage note for $192,000 was issued for cash.
f. 28,000 shares of common stock were issued at $12 in exchange for the bonds payable.
g. Cash dividends declared, $112,320.
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.