During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow: Cash Accounts Receivable Land Buildings Accum. Depreciation Total Accounts Payable Common Stock Retained Earnings Total December 31, 2018 December 31, 2017 $ 42,000 $11,000 21,000 20,000 26,000 70,000 0 70,000 <15,000> $ 118,000 $ 11,000 80,000 27,000 $ 118,000 <10,000> $ 117,000 $30,000 70,000 17,000 $ 117,000 Using the Indirect Method, what is the first dollar figure shown on the Statement of Cash Flows?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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During 2018, Comsat Corporation had Net Income of $30,000, and sold
land at book value for cash. Comparative balance sheets follow:
Cash
Accounts Receivable
Land
Buildings
Accum. Depreciation
Total
Accounts Payable
Common Stock
Retained Earnings
Total
December 31, 2018 December 31, 2017
$ 42,000
$ 11,000
21,000
20,000
26,000
70,000
<10,000>
$ 117,000
70,000
<15,000>
$ 118,000
$ 11,000
80,000
27,000
$ 118,000
$ 30,000
70,000
17,000
$ 117,000
Using the Indirect Method, what is the first dollar figure shown
on the Statement of Cash Flows?
Transcribed Image Text:During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow: Cash Accounts Receivable Land Buildings Accum. Depreciation Total Accounts Payable Common Stock Retained Earnings Total December 31, 2018 December 31, 2017 $ 42,000 $ 11,000 21,000 20,000 26,000 70,000 <10,000> $ 117,000 70,000 <15,000> $ 118,000 $ 11,000 80,000 27,000 $ 118,000 $ 30,000 70,000 17,000 $ 117,000 Using the Indirect Method, what is the first dollar figure shown on the Statement of Cash Flows?
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