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preparing the statement of cash flows mdash indirect method this exercise continues 644569

Preparing the statement of cash flows—indirect method This exercise continues the Lawlor Lawn Service, Inc., Refer to the comparative balance sheet for Lawlor Lawn Service.

DRAPER CONSULTING, INC.
Comparative Balance Sheet
December 31, 2013 and 2012

Assets

2013

2012

Cash

$ 514,936

$ 16,350

Accounts receivable

37,500

1,750

Supplies

2,200

200

Equipment

16,000

1,800

Furniture

5,700

4,200

Building

125,000

0

Accumulated depreciation

(2,753)

(100)

Total assets

$ 698,583

$ 24,200

Liabilities

 

 

Accounts payable

$ 10,000

$ 4,650

Salary payable

4,100

685

Unearned service revenue

0

700

Interest payable

10,667

0

Notes payable

40,000

0

Bonds payable

400,000

0

Discount on bonds payable

(36,184)

0

Stockholders’ Equity

 

 

Common stock

130,000

18,000

Retained earnings

140,000

165

Total liabilities and stockholders’ equity

$ 698,583

$ 24,200

Requirement

1. Prepare the statement of cash flows using the indirect method.

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