QuinJet Company's comparative balance sheets are presented below: 2019 2018 Equipment 59,950 70,140 (13,970 ) $107,820 Accumulated depreciation-equipment (10,190 ) Total $115,600 Accounts payable Bonds payable $14,660 $11,110 10,630 30,160 Common stock 50,190 45,080 Retained earnings 32,340 29,250 Total $107,820 $115,600 Additional information: 1. Net income was $18,560. Dividends declared and paid were $15,470. Additional information: 1. Net income was $18,560. Dividends declared and paid were $15,470. 2. Equipment which cost $10,190 and had accumulated depreciation of $1,580 was sold for $3,450. Required: Prepare the company's statement of cash flows for 2018 and show any necessary work.

QuinJet Company's comparative balance sheets are presented below: 2019 2018 Equipment 59,950 70,140 (13,970 ) $107,820 Accumulated depreciation-equipment (10,190 ) Total $115,600 Accounts payable Bonds payable $14,660 $11,110 10,630 30,160 Common stock 50,190 45,080 Retained earnings 32,340 29,250 Total $107,820 $115,600 Additional information: 1. Net income was $18,560. Dividends declared and paid were $15,470. Additional information: 1. Net income was $18,560. Dividends declared and paid were $15,470. 2. Equipment which cost $10,190 and had accumulated depreciation of $1,580 was sold for $3,450. Required: Prepare the company's statement of cash flows for 2018 and show any necessary work.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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