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Q1) Cade Corporation's balance sheet and income statement listed below:

Comparative Balance Sheet
 
Ending Balance
Beginning Balance
Assets:
 
 
Cash and cash equivalents
$ 27
$ 26
Accounts receivable
57
53
Inventory
62
55
Plant and equipment
685
580
Accumulated depreciation
( 404)
( 355)
Total assets
$427
$359
Liabilities and stockholders' equity:
Accounts payable.
$ 37
$ 46
Wages payable
21
25
Taxes payable
15
18
Bonds payable
171
170
Deferred taxe
23
22
Common stock
27
30
Retained earnings
 133
   48
Total liabilities and stockholders' equity
$427
$359

 

Income Statement
Sales
$895
Cost of goods sold
557
Gross margin
338
Selling and administrative expense
177
Net operating income
161
ncome taxes
48
Net income
$113

Cade sold some equipment during period which had cost $100 and had accumulated depreciation of $85.  Equipment was sold for $15.

Make a statement of cash flows in good form using indirect method to find out cash from operations. On the basis of cash flow statement reply following problems:

1. How much cash did Cade pay to vendors for inventory in the period?

2. How much cash did Cade pay in income taxes?

3. Compute free cash flow for Cade.

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