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Problem 12-9A Condensed financial data of Novak Corp. follow. Novak Corp. Comparative Balance Sheets December 31 Assets 2019 Cash $104,300 Accounts receivable 92,100 Inventory 111,500
Problem 12-9A Condensed financial data of Novak Corp. follow. Novak Corp. Comparative Balance Sheets December 31 Assets 2019 Cash $104,300 Accounts receivable 92,100 Inventory 111,500 Prepaid expenses 29,500 Investments 139,500 Equipment 264,100 Accumulated depreciation equipment (46,800) Total $694,200 2018 $48,600 33,700 102,000 25,200 113,100 241,000 (52,300) $511,300 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,700 16,100 113,100 219,500 233,800 $694,200 $67,800 17,000 149,900 174,200 102,400 $511,300 Total $694,200 $511,300 $391,900 Novak Corp. Income Statement For the Year Ended December 31, 2019 Sales revenue Less: Cost of goods sold $134,000 Operating expenses, excluding depreciation 12,700 Depreciation expense 30,300 Income tax expense 26,300 Interest expense 4,500 Loss on disposal of plant assets 7,500 Net income 215,300 $176,600 Additional information: 1. New equipment costing $79,300 was purchased for cash during the year. 2. Old equipment having an original cost of $56,200 was sold for $12,900 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $45,200 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Novak Corp. Statement of Cash Flows Adjustments to reconcile net income to
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