Kate Petusky prepared Addison Controls’ balance sheet and income statement
Kate Petusky prepared Addison Controls’ balance sheet and income statement for 2013.,Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Addison’s president, Lance Meyers, has asked you to prepare the statement of cash flows. Meyers has provided you with the balance sheet and income statement that Petusky prepared, as well as some notes she made:,Equipment with an original cost of $35,000 was sold for $20,300. The book value of the equipment was $19,400.,• On June 1, 2013, the company purchased new equipment for cash at a cost of $17,500.,• At the end of the year, the company issued bonds payable for $10,000 cash. The bonds will mature on December 31, 2017.,• The company paid $23,200 in cash dividends for the year.,Required,Using the direct method, prepare Addison Control’s statement of cash flows for2013.
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