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Kenmore, Incorporated provided the following balance sheets and income statement for the current year. (Click the icon to view the balance sheet.) BE! (Click the
Kenmore, Incorporated provided the following balance sheets and income statement for the current year. (Click the icon to view the balance sheet.) BE! (Click the icon to view the income statement.) Requirement Prepare the operating activities section of the cash flow statement using the indirect method. Assume accrued expenses relate to selling, general, and administrative expenses. All acquisitions of property, plant, and equipment were made using cash. (Use a minus sign or parentheses for any numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) 0 Income Statement Kenmore Company Partial Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Kenmore, Incorporated Operating Activities: Income Statement For the Year Ended December 31 Adjustments to Reconcile Net Income to Net Cash Provided Sales $ 79,585 by Operating Activities: Cost of Goods Sold 48,551 Gross Profit $ 31,034 Changes in Operating Working Capital Accounts: Selling, General, and Administrative Expenses $ 10,800 Depreciation Expense 2,900 $ Total Operating Expenses 13,700 Operating Income $ 17,334 Interest Expense (3,500) $ Interest Revenue 3,700 Income before Tax 17,534 Income Tax Expense (4,234) Net Cash Provided (Used) by Operating Activities 13,300 Net Income $ $ Print Done Kenmore, Incorporated Balance Sheet At December 31 Assets Ending Beginning Current Assets Cash $ 23,800 $ 3,400 Accounts Receivable -net 8,100 7,800 Merchandise Inventory 2,600 3,800 S Prepaid Insurance 1,400 $ 2,800 Total Current Assets $ 35,900 $ 17,800 Noncurrent Assets Investments $ 10,200 $ 24,200 Property, Plant, and Equipment - net 60,600 57,000 Total Noncurrent Assets $ 70,800 $ 81,200 Total Assets $ 106,700 $ 99,000 Liabilities Current Liabilities Accounts Payable $ 4,200 $ 1,700 Accrued Expenses 9.400 4,920 Income Taxes Payable 5,900 5,050 Total Current Liabilities $ 19,500 $ 11,670 Noncurrent Liabilities Notes Payable $ 31,200 $ 42,030 Total Noncurrent Liabilities $ 31,200 $ 42,030 Total Liabilities $ 50,700 $ 53,700 Shareholders' Equity Common Stock, 51 par value S 6,000 $ 6,000 Additional Paid-in Capital in Excess of Par-Common 16,000 16,000 Retained Earnings 34,000 23,300 Total Shareholders' Equity $ 56,000 $ 45,300 Total Liabilities and Shareholders' Equity $ 106,700 $ 99,000
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