Presented below are the financial statements of Molina Company.
1. Dividends of $33,000 were declared and paid.Additional data:
2. During the year equipment was sold for $10,000 cash.This equipment cost $13,000 originally
and had a book value of $10,000 at the time of sale.
3. All depreciation expense, $6,000, is in the selling expense category.
4. All sales and purchases are on account.
5. Additional equipment was purchased for $5,000 cash.
Instructions
(a) Prepare a statement of cash flows using the indirect method.
(b) Compute free cash flow.
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