The balance sheets of Butler, Inc. and its 70 percent-owned subsidiary, Cassie Corp., are presented below: 2017 66,000 150,000 220,000 2016 | 52,000 108,000 178,000 340,000 90,000 Cash A/R Inventory Building and Equipment (net) | 315,000 Land 50,000 | 32,000 40o Amet 36,000 833,000 Соруright 804,000 Accounts Payable |Long term Debt Non-controlling Interest Common Stock Retained Earnings Total Liabilities and Equity 120,000 77,000 200,000 436,000 833,000 102,000 70,000 50,000 200,000 382,000 804,000 Additional information for 2017 • Butler and Cassie's consolidated net income was 110,000 • Butler paid 26,000 in dividends and Cassie paid 10,000 in dividends • A building was purchased for $30,000 during the year • Land was sold for $50,000 with a cost of $40,000. 9ain 10,00 Prepare a statement of cash flows using the indirect method.
The balance sheets of Butler, Inc. and its 70 percent-owned subsidiary, Cassie Corp., are presented below: 2017 66,000 150,000 220,000 2016 | 52,000 108,000 178,000 340,000 90,000 Cash A/R Inventory Building and Equipment (net) | 315,000 Land 50,000 | 32,000 40o Amet 36,000 833,000 Соруright 804,000 Accounts Payable |Long term Debt Non-controlling Interest Common Stock Retained Earnings Total Liabilities and Equity 120,000 77,000 200,000 436,000 833,000 102,000 70,000 50,000 200,000 382,000 804,000 Additional information for 2017 • Butler and Cassie's consolidated net income was 110,000 • Butler paid 26,000 in dividends and Cassie paid 10,000 in dividends • A building was purchased for $30,000 during the year • Land was sold for $50,000 with a cost of $40,000. 9ain 10,00 Prepare a statement of cash flows using the indirect method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The balance sheets of Butler, Inc. and its 70 percent-owned subsidiary, Cassie Corp., are
presented below:
2016
52,000
108,000
178,000
340,000
90,000
32.000 40o Amert 36,000
804,000
2017
66,000
150,000
220,000
Building and Equipment (net)| 315,000
50,000
Cash
A/R
Inventory
Land
Сорyright
833,000
Accounts Payable
Long term Debt
Non-controlling Interest
Common Stock
Retained Earnings
Total Liabilities and Equity
102,000
70,000
50,000
200,000
382,000
804,000
120,000
77,000
200,000
436.000
833,000
Additional information for 2017
• Butler and Cassie's consolidated net income was 110,000
• Butler paid 26,000 in dividends and Cassie paid 10,000 in dividends
• A building was purchased for $30,000 during the year
• Land was sold for $50,000 with a cost of $40,000. gain l0,000
Prepare a statement of cash flows using the indirect method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F354690be-5046-478b-acdb-02c62dd239f4%2F4accb5ae-c644-4049-8f11-486951729eef%2Fug8g2sp_processed.png&w=3840&q=75)
Transcribed Image Text:The balance sheets of Butler, Inc. and its 70 percent-owned subsidiary, Cassie Corp., are
presented below:
2016
52,000
108,000
178,000
340,000
90,000
32.000 40o Amert 36,000
804,000
2017
66,000
150,000
220,000
Building and Equipment (net)| 315,000
50,000
Cash
A/R
Inventory
Land
Сорyright
833,000
Accounts Payable
Long term Debt
Non-controlling Interest
Common Stock
Retained Earnings
Total Liabilities and Equity
102,000
70,000
50,000
200,000
382,000
804,000
120,000
77,000
200,000
436.000
833,000
Additional information for 2017
• Butler and Cassie's consolidated net income was 110,000
• Butler paid 26,000 in dividends and Cassie paid 10,000 in dividends
• A building was purchased for $30,000 during the year
• Land was sold for $50,000 with a cost of $40,000. gain l0,000
Prepare a statement of cash flows using the indirect method.
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