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OW information is taken from the accounting records of the Gilford Corporation. Use following this infomation to prepare Gilford's statement of cash flows for the
OW information is taken from the accounting records of the Gilford Corporation. Use following this infomation to prepare Gilford's statement of cash flows for the year ended December 31, Cash Accounts Receivable (Net) Merchandise Inventory Prepaid Expenses Plant and Equipment Dec. 31, 2005 S 95,000 100,000 90,000 12,000 300,000 (55.000 Dec. 31, 2004 $ 85,000 80,000 83,000 7,000 240,000 Notes Payable Accounts Payable Payroll Taxes Payable Estimated Income Taxes Payable 8% Bonds Payable 2015 Common Stock Retained Earnings $20,000 50,000 12,000 15,000 110,000 250,000 $25,000 44,000 10,000 11,000 95,000 200,000 $342.000 Additional information: a. Plant construction costing $40,000 in cash was completed b. Equipment was purchased for $20,000 in cash. c. Common stock was sold for $50,000 in cash. d. Bonds were issued for $15,000 in cash. e. Common stock dividends of $20,000 were paid in cash. f. Net income after income taxes was $35,000
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