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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|
|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|
|Income taxes payable||57,100||77,300|
|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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