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STATEMENT OF CASH FLOWS:  REPORTING THE EFFECTS OF OPERATING, INVESTING, AND FINANCING ACTIVITIES ON CASH FLOWS   T4-X

4.28 a. continued.

Accumulated Depreciation—

Buildings and MachineryBuildings and Machinery

8,6783,974

(7)1,018150(4)(4)120510(3)

9,5464,364

LandAccounts Payable

594412

(8)36146(9)

630558

Taxes PayableOther Short-Term Payables

274588

16(10)138(11)

290726

Bonds PayableCommon Stock

1,9841,672

(12)5032(13)

1,9341,704

Retained Earnings

2,676

(2)60568(1)

3,184

b.Dickerson Manufacturing Company is heavily capital intensive.  Its cash flow from operations exceeds net income because of the depreciation expense addback.  Cash flow from operations appears substantial, but so are its expenditures for building and equipment.  The firm's relatively low

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