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BOROUGH OF MANHATTAN COMMUNITY COLLEGE THE CITY UNIVERSITY OF NEW YORK following data to prepare the statement of cash flow-afl sectioms-for the Hines Music For
BOROUGH OF MANHATTAN COMMUNITY COLLEGE THE CITY UNIVERSITY OF NEW YORK following data to prepare the statement of cash flow-afl sectioms-for the Hines Music For the Year Ended June 30, 20x2 700,00oo Less expenses Cost of goods sold 8400,000 40, 000 104, 000 Administrative expenses Loss on sale of investment1,009 Incomo before income taxes poes o.000 Net income Hines Music Company Comparative Balance Sheets June 30, 20x2 and 20x1 20x2 20x1 s 9,000 30,000 70,000 55,000 80,000 100,o00 6,000 40,000 50,000 160 Accounts receivable (net) Inventory Prepaid expenses Long-term investments Plant and equipment Accumulated depreciation Total assets 5,000 80,000 ,000 (40,000) (24,000) 9325,000 296 000 Liabilities 4, 000 12,000 440 1,560 1,480 40,000 S 46.000 38,000 Accounts payable Wages payable Income taxes payable Notes payable Total 1iabilities 24,000 stockholders Equity $116,000 $130,000 163,000 128,000 $279,000 $258,000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $325,000 $296,00 Additional information: A plant asset costing $40,000 was sold for its book value of $16,000. A long-term investment was sold for $9,000 The outstanding notes are long-term. A $16,000 note was issued during 20x2. The company declared and paid a dividend. (Hint: You must calculate the amount of the dividend
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