The Foundational 15 [LO13-1, L

The Foundational 15 [LO13-1, LO13-2]

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Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:


  Ending Balance   Beginning Balance
Cash and cash equivalents $ 118,400   $ 142,300
Accounts receivable   93,900     101,200
Inventory   126,100     115,000
Total current assets   338,400     358,500
Property, plant, and equipment   333,000     322,000
Less accumulated depreciation   111,000     80,500
Net property, plant, and equipment   222,000     241,500
Total assets $ 560,400   $ 600,000
Accounts payable $ 73,600   $ 130,700
Income taxes payable   57,100     77,300
Bonds payable   138,000     115,000
Common stock   161,000     138,000
Retained earnings   130,700     139,000
Total liabilities and stockholders’ equity $ 560,400   $ 600,000


During the year, Ravenna paid a $13,800 cash dividend and it sold a piece of equipment for $6,900 that had originally cost $16,200 and had accumulated depreciation of $10,800. The company did not retire any bonds or repurchase any of its own common stock during the year.


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