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*P12-10A Data for Lemere Inc. are presented in P12-9A

Price: $3.99


*P12-10A Data for Lemere Inc. are presented in P12-9A. Further analysis reveals that
accounts payable pertain to merchandise creditors.

Instructions
Prepare a statement of cash flows for Lemere Inc. using the direct method.

data from P12-9A

LEMERE INC.
Comparative Balance Sheets
December 31

Assets 2012 2011
Cash $ 80,800 $ 48,400
Accounts receivable 87,800 38,000
Inventory 112,500 102,850
Prepaid expenses 28,400 26,000
Long-term investments 138,000 109,000
Plant assets 285,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders’ Equity
Accounts payable $102,000 $ 67,300
Accrued expenses payable 16,500 21,000
Bonds payable 110,000 146,000
Common stock 220,000 175,000
Retained earnings 234,000 105,450
Total $682,500 $514,750

so on.....

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