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Problem 13-23 Kate Petusky prepared Addison Controls' balance sheet and income statement for 2013. Before she could complete the statement of cash flows, she had
Problem 13-23 Kate Petusky prepared Addison Controls' balance sheet and income statement for 2013. Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Addison's president, Lance Meyers, has asked you to prepare the statement of cash flows. Meyers has provided you with the balance sheets and income statement that Petusky prepared, as well as some notes she made: Addison Controls Income Statement For the Year Ended December 31, 201.3 $ 129,800 70,260 59,540 Sales revenue Cost of goods sold Gross margin Selling expense Administrative expense Salaries expense Depreciation expense Interest expense Income before gain and taxes Gain on sale of Land Income tax expense $13,240 8,070 20,110 1,990 4,340 47,750 11,790 923 803 $ 11,910 Net income
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