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Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. $22,450 SANTANA INDUSTRIES Income Statement For the Year Ended December 31,
Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. $22,450 SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 16,650 Service revenue 5,800 Total revenue Operating expenses: Cost of goods sold 8,400 Selling expense 3,600 General and administrative expense 2,700 Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income 14,700 7,750 270 7,480 2,800 $ 4,680 Dec. 31, 2021 Dec. 31, 2020 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable $ 9,500 4,900 6,400 270 16,900 (6,300) $31,670 $ 3,280 3,400 4,200 540 14,400 (5,700) $ 20,120 $ 2,300 $ 3,800 220 1,040 670 720 1,040 11,200 Notes payable (due 12/31/2021) Connon stock Retained earnings Total liabilities and shareholders' quity 7,400 11,200 2.340 $31,670 $20, 120 Additional Information for the 2021 fiscal year ($ in thousands): 1. Cash dividends of $2.200 were declared and paid. 2. Equipment costing $6.400 was purchased with cash. 3. Equipment with a book value of $1700 (cost of $3.900 less accumulated depreciation of $2,200) was sold for $1700. 4. Depreciation of $2,800 is included in operating expenses. Required: Prepare Santana Industries' 2021 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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