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Question 6 Comparative statements of financial position for Campbell Inc. appear below: CAMPBELL...

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Question

Accounting

Question 6

Comparative statements of financial position for Campbell Inc. appear below:

CAMPBELL INC.

Comparative Statements of Financial Position

Assets

Dec. 31, 2016 Dec. 31, 2015

Cash $ 29,000 $15,000

Accounts receivable 28,000 19,000

Prepaid expenses 9,000 12,000

Merchandise inventory 37,000 27,000

Long-term investments 35,000 53,000

Equipment 75,000 48,000

Accumulated depreciationequipment (26,000) (22,000)

Total assets $187,000 $152,000

Liabilities and Shareholders' Equity

Accounts payable $ 21,000 $ 9,000

Mortgage payable 37,000 45,000

Common shares 40,000 23,000

Retained earnings 89,000 75,000

Total liabilities and shareholders' equity $187,000 $152,000

Additional information regarding fiscal 2016:

1. Profit for the year was $27,000.

2. Cash dividends of $13,000 were declared and paid during the year.

3. Long-term investments with a carrying amount of $53,000 were sold for $48,000 cash.

Instructions

Using the indirect method, prepare a statement of cash flows for the year ended December 31, 2016.

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