Allen Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: If the net income for the year was $58,000, the company must have declared $32,000 as dividends during the year.

Question

Allen Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:  If the net income for the year was $58,000, the company must have declared $32,000 as dividends during the year.

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The Answer of Allen Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:  If the net income for the year was $58,000, the company must have declared $32,000 as dividends during the year.

Allen Company Uses the Indirect Method to Prepare Its Statement