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Question No 1 You are the controller for Foxboro Technologies. Your staff has prepared an income statement for the current year and has developed the following additional information by analyzing changes in the company's balance sheet accounts. Foxboro Technologies. Income Statement For the year ended December 31,2011 Revenue: Net sales Interest income $3,400,000 60,000 25,000 $3,485,000 $1,500,000 Gain on sales of marketable securities Total revenue and gains Costs and expenses: Cost of goods sold Operating expenses (including depreciation of $75,000) Interest expense Income tax expense Loss on sales of plant assets. Total costs, expenses, and losses 900,000 27,000 115,000 .8,000 2.550,000 $ 935,000 Net income Additional Information 1. Accounts receivable increased by $60,000 2. Accrued interest receivable decreased by $5,000. 3. Inventory decreased by $30,000, and accounts payable to suppliers of merchandise decreased by S22,000 4. Short-term prepayments of operating expenses increased by $8,000, and accrued liabilities for operating expenses decreased by $9,000. 5. The liability for accrued interest payable increased by $4,000 during the year. 6. The liability for accrued income taxes payable decreased by S10,000 during the year. 7. The following schedule summarizes the total debit and credit entries during the year in other balance sheet accounts: Debit Entries Credit Entries Marketable Securities $ 50,000 $ 40,000 Notes Receivable (cash loans made to borrowers) .30,000 27,000 Plant Assets (see paragraph 8). 350,000 30,000 Notes Payable (short-term borrowing) 70,000 56,000 Capital Stock 60,000 Additional Paid-in Capital Capital Stock 100,000 Retained Earnings (see paragraph 9) 300,000 935,000 8. The $30,000 in credit entries to the Plant Assets account is net of any debits to Accumulated Depreciation when plant assets were retired. Thus the $30,000 in credit entries represents the book value of all plant assets sold or retired during the year. 9. The $300,000 debit to Retained Earnings represents dividends declared and paid during the year. The $935,000 credit entry represents the net income shown in the income statement 10. All investing and financing activities were cash transactions. 11. Cash and cash equivalents amount to $20,000 at the beginning of the year and to $473,000 at year-end Requirement Prepare the statement of cash flows. Cash flow from operating activities can be determined by Director indirect method. It is also required to show the cash flows from operating, investing and financing activities in the statement of cash flows in a structured manner. (15 marks)