Cardinal Company uses the indirect method to prepare its statement of cash flows. Using the following information, complete the worksheet for the year ended December 31, 2016.
- Net Income for the year ended December 31,2016 was $49,000
- Depreciation expense for 2016 was $12,000
- During 2016, plant assets with a book value of $10,000 (cost $10,000 and accumulated depreciation $0) were sold for $14,000
- Plant assets were acquired for $52,000 cash
- Issued common stock for $28,000
- Issued long-term notes payable for $34,000
- Repaid long-term notes payable for $40,000
- Purchased treasury stock for 3,000
- Paid dividends of $10,000

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The Answer of Cardinal Company uses the indirect method to prepare its statement of cash flows. Using the following information, complete the worksheet for the year ended December 31, 2016.
- Net Income for the year ended December 31,2016 was $49,000
- Depreciation expense for 2016 was $12,000
- During 2016, plant assets with a book value of $10,000 (cost $10,000 and accumulated depreciation $0) were sold for $14,000
- Plant assets were acquired for $52,000 cash
- Issued common stock for $28,000
- Issued long-term notes payable for $34,000
- Repaid long-term notes payable for $40,000
- Purchased treasury stock for 3,000
- Paid dividends of $10,000

Cardinal Company Uses the Indirect Method to Prepare Its Statement