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Exercise 23-18 The accounts below appear in the ledger of Teal Company. ...

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Accounting

Exercise 23-18

The accounts below appear in the ledger of Teal Company.

Retained Earnings

Dr.

Cr.

Bal.
Jan. 1, 2017 Credit Balance $42,100
Aug. 15 Dividends (cash) $15,100 27,000
Dec. 31 Net Income for 2017 $40,300 67,300

Equipment

Dr.

Cr.

Bal.
Jan. 1, 2017 Debit Balance $139,300
Aug. 3 Purchase of Equipment $62,300 201,600
Sept. 10 Cost of Equipment Constructed 48,500 250,100
Nov. 15 Equipment Sold $55,500 194,600

Accumulated DepreciationEquipment

Dr.

Cr.

Bal.
Jan. 1, 2017 Credit Balance $84,800
Apr. 8 Major Repairs $21,100 63,700
Nov. 15 Accum. Depreciation on Equipment Sold 25,300 38,400
Dec. 31 Depreciation for 2017 $16,600 55,000

From the postings in the accounts above, indicate how the information is reported on a statement of cash flows by preparing a partial statement of cash flows using the indirect method. The loss on sale of equipment (November 15) was $5,900. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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