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Homework answers / question archive / Planner Corporation's comparative balance sheets are presented below

Planner Corporation's comparative balance sheets are presented below

Accounting

Planner Corporation's comparative balance sheets are presented below.

PLANNER CORPORATION Comparative Balance Sheets December 31   

Cash 2017 $ 21,570 2016 $ 10,700

A/R 2017 18,200 2016 23,400

Land 2017 18,000 2016 26,000

Building 2017 70,000 2016 70,000

Accumulated depreciation2017 (15,000) 2016 (10,000)

Total 2017 $112,770 2016 $120,100

Accounts payable 2017 $ 12,370 2016 $31,100

Common stock 2017 75,000 2016 69,000

Retained earnings 2017 25,400 2016 20,000

Total 2017 $112,770 2016 $120,100

Additional information: 1. Net income was $27,900. Dividends declared and paid were $22,500. 2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $5,900.

Instruction (a) Prepare a statement of cash flows for 2017 using the indirect method. (b) Compute free cash flow.

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