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Presented below are the 2 0 1 6 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended
Presented below are the income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December $ in thousands Sales revenue $ Service revenue Total revenue $ Operating expenses: Cost of goods sold Selling General and administrative Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income $ Balance Sheet Information $ in thousands Dec. Dec. Assets: Cash $ $ Accounts receivable Inventory Prepaid rent Plant and equipment Less: Accumulated depreciation Total assets $ $ Liabilities and Shareholders Equity: Accounts payable $ $ Interest payable Deferred service revenue Income taxes payable Loan payable due Common stock Retained earnings Total liabilities and shareholders' equity $ $ Additional information for the fiscal year $ in thousands: Cash dividends of $ were declared and paid. Equipment costing $ was purchased with cash. Equipment with a book value of $cost of $ less accumulated depreciation of $ was sold for $ Depreciation of $ is included in operating expenses. Required: Prepare Santana Industries' statement of cash flows, using the indirect method to present cash flows from operating activities. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
Presented below are the income statement and comparative balance sheets for Santana Industries.
SANTANA INDUSTRIES
Income Statement
For the Year Ended December
$ in thousands
Sales revenue $
Service revenue
Total revenue $
Operating expenses:
Cost of goods sold
Selling
General and administrative
Total operating expenses
Operating income
Interest expense
Income before income taxes
Income tax expense
Net income $
Balance Sheet Information $ in thousands Dec.
Dec.
Assets:
Cash $ $
Accounts receivable
Inventory
Prepaid rent
Plant and equipment
Less: Accumulated depreciation
Total assets $ $
Liabilities and Shareholders Equity:
Accounts payable $ $
Interest payable
Deferred service revenue
Income taxes payable
Loan payable due
Common stock
Retained earnings
Total liabilities and shareholders' equity $ $
Additional information for the fiscal year $ in thousands:
Cash dividends of $ were declared and paid.
Equipment costing $ was purchased with cash.
Equipment with a book value of $cost of $ less accumulated depreciation of $ was sold for $
Depreciation of $ is included in operating expenses.
Required:
Prepare Santana Industries' statement of cash flows, using the indirect method to present cash flows from operating activities. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
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