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(Solution) - Comparative financial statement data for Holly Company are given

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Comparative financial statement data for Holly Company are given below:



For 2008, the company reported net income as follows:
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $500
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . 300
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . 200
Selling and administrative expenses . . . . . . . 180
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20
Dividends of $8 were declared and paid during 2008. There were no sales of plant and equipment during the year.
Required:
Using the indirect method, prepare a statement of cash flows for2008.

 







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