Problem - The balance sheet and income statement for a company are provided below, along with selected additional financial information.
|
|
Current Year
|
Prior Year
|
|
Balance Sheet
|
|
|
|
Cash
|
79,250
|
73,840
|
|
Accounts Receivable
|
18,820
|
24,185
|
|
Merchandise Inventory
|
15,354
|
6,976
|
|
Property and equipment
|
285,735
|
175,000
|
|
Accumulated Depreciation
|
(89,000)
|
(72,630)
|
|
Total Assets
|
310,159
|
207,371
|
|
Accounts Payable
|
8,500
|
18,200
|
|
Wages Payable
|
3,208
|
2,194
|
|
Notes payable, long-term
|
72,840
|
86,100
|
|
Contributed capital
|
84,255
|
65,980
|
|
Retained earnings
|
141,356
|
34,897
|
|
Total Liabilities and Stockholders' Equity
|
310,159
|
207,371
|
|
|
|
|
|
Income Statement
|
|
|
|
Sales
|
284,955
|
|
|
Cost of goods sold
|
91,357
|
|
|
Wages
|
32,187
|
|
|
Depreciation expense
|
16,370
|
|
|
Other Expense
|
22,358
|
|
|
Net income
|
122,683
|
|
Additional data:
a) Purchased equipment for cash $100,735
b) Paid $13,260 on a long-term loan
c) Issued new shares of stock for $18,275 cash
d) Dividends of $16,224 were declared and paid.
Required: Prepare a statement of cash flows for the year using the indirect method.