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Data for Cheng Inc are presented in P17-9A Further analysis reveals that accounts payable pertain to merchandise creditors. In p17-9A Condensed financial data of

Data for Cheng Inc. are presented in P17-9A. Further analysis reveals that accounts payable pertain to merchandise creditors. In p17-9A, Condensed financial data of Cheng Inc. follow.  .:. Additional information: 1. New equipment costing $85,000 was purchased for cash during the year. 2. Old equipment having an original cost of $57,500 was sold for $1,500 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $40,350 was declared and paid during the year. Instructions Prepare a statement of cash flows for Cheng Inc. using the direct method.

May 14 2020 View more View Less

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