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PROBLEM 8 STATEMENT OF CASH FLOWS-16 POINTS FOR WORK COMPLETED ON NEXT PAGE The management team of Wickersham Brothers Inc. is preparing its annual financial statements. Information for the Statement of Cash Flows is indicated below. Compute the changes and use the information to finalize the Statement ofCash Flows as indicated in the next page. Current Prior ANALYSIS PAGE Year Year CHANGE Balance Sheet Assets 50,000 S 72,000 Cash Accounts Receivable 80,000 70,000 Merchandise Inventory 60,000 65.000 Property And Equipment 11 0,000 60,000 (30,000) (15,000) Less: Accumulated Depreciation Total Assets Liabilities 10,000 S 12.000 Accounts Payable Salaries and Wages Payable 2,000 1,000 50,000 Notes Payable, Long-Term 60,000 Stockholders' Equity: Common Stock 00,000 80,000 Retained Earnings 108,000 99.000 Total Liabilities and Stockholders' Equity Income Statement $200,000 Sales Cost of Goods Sold 11 0,000 Depreciation Expense 15,000 her Expenses 50,000 Net Income Other information from the company's records includes the following: Bought equipment for cash, $50,000. Paid $10,000 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of S16,000 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income Tax Expense ($4,000) and Interest Expense ($3,000) were paid in full at the end of both years and are included in other Expenses