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  3. gem inc. reported net income of $300,000 on the in

Gem INC. reported net income of $300,000 on the income statement for the current year....

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Accounting

Gem INC. reported net income of $300,000 on the income statement for the current year. Depreciation recorded on fixed assets amounted to $45,000. The company gained $30,000 on the sale of the land. All purchases of equipment were paid in cash, and there were no disposals of equipment during the year. During the year, the company declared and paid $16,500 of dividends. Account Balances for the company are as follows.
prepare a cash flow statement using the indirect method
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Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Land Equipment Accounts Payable Wages Payable Dividends Payable Common Stock, $10 par Paid in Capital in excess of par End of Year Beginning of Year $ 1,501,350 $ 1,088,000 60,600 29,000 18,000 15,000 3,300 1,500 90,000 82,500 52,500 48,750 30,000 22,500 10,000 82,500 37,500 67,500 22,500 Statement of Cash Flows For Fiscal-Year End XX/XX/XXXX

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