Problem 12 9A Condensed financial data of Whispering Winds Corp follow Whispering Winds Corp Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 158,368 $ 94,864 Accounts receivable 172,088 74,480 Inventory 220,500 201,586 Prepaid expenses 55,664 50,960 Long term investments 270,480 213,640 Plant assets 558,600 475,300 Accumulated depreciation (98,000 ) (101,920 ) Total $1,337,700 $1,008,910 Liabilities and Stockholders Equity Accounts payable $ 199,920 $ 131,908 Accrued expenses payable 32,340 41,160 Bonds payable 215,600 286,160 Common stock 431,200 343,000 Retained earnings 458,640 206,682 Total $1,337,700 $1,008,910 Whispering Winds Corp Income Statement Data For the Year Ended December 31, 2017 Sales revenue $761,382 Less Cost of goods sold $265,502 Operating expenses, excluding depreciation 24,324 Depreciation expense 91,140 Income tax expense 53,469 Interest expense 9,271 Loss on disposal of plant assets 14,700 458,406 Net income $ 302,976 Additional information 1 New plant assets costing $196,000 were purchased for cash during the year 2 Old plant assets having an original cost of $112,700 and accumulated depreciation of $95,060 were sold for $2,940 cash 3 Bonds payable matured and were paid off at face value for cash 4 A cash dividend of $51,018 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) ) 4 824 35654 20L 58 27048 75 300 220500 Prspaid es Long term inwestments Assounta payal Bonds payabla Retained eernings 5 199 92 131 98 2300 2156043 000 Cost ogoods sold 5265,302 Operating expanees excluding dep eciation 24 32 Deprecation espense 3 469 271 7c0 Net inoome 3 Bonds payab e matured and wene paid off at tace vakue for cach Preparestamant of cash uning the Indnet mathod shour asounts that decresre cnsh flauw with aither ignma g 15,000 or in paranthanleg 25,Goo) )

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Problem 12-9A Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp. Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 158,368 $

Problem 12-9A

Condensed financial data of Whispering Winds Corp. follow.

Whispering Winds Corp. Comparative Balance Sheets December 31
Assets	2017		2016
Cash	$ 158,368		$ 94,864
Accounts receivable	172,088		74,480
Inventory	220,500		201,586
Prepaid expenses	55,664		50,960
Long-term investments	270,480		213,640
Plant assets	558,600		475,300
Accumulated depreciation	(98,000	)	(101,920	)
Total	$1,337,700		$1,008,910

Liabilities and Stockholders Equity
Accounts payable	$ 199,920		$ 131,908
Accrued expenses payable	32,340		41,160
Bonds payable	215,600		286,160
Common stock	431,200		343,000
Retained earnings	458,640		206,682
Total	$1,337,700		$1,008,910

Whispering Winds Corp. Income Statement Data For the Year Ended December 31, 2017
Sales revenue		$761,382
Less:
Cost of goods sold	$265,502
Operating expenses, excluding depreciation	24,324
Depreciation expense	91,140
Income tax expense	53,469
Interest expense	9,271
Loss on disposal of plant assets	14,700	458,406
Net income		$ 302,976

Additional information:

1.		New plant assets costing $196,000 were purchased for cash during the year.
2.		Old plant assets having an original cost of $112,700 and accumulated depreciation of $95,060 were sold for $2,940 cash.
3.		Bonds payable matured and were paid off at face value for cash.
4.		A cash dividend of $51,018 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).)

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4.824 35654 20L.58 27048 75.300 220500 Prspaid es Long-term inwestments Assounta payal Bonds payabla Retained eernings 5 199 92 131.98 2300 2156043.000 Cost ogoods sold 5265,302 Operating expanees excluding dep eciation 24.32 Deprecation espense 3.469 .271 7c0 Net inoome 3. Bonds payab e matured and wene paid off at tace vakue for cach Preparestamant of cash uning the Indnet mathod. shour asounts that decresre cnsh flauw with aither -ignma.g. 15,000 or in paranthanleg.25,Goo).)