Problem 4-11 (Algo) Statement of cash flows; indirect method [LO4-8] Presented below are the 2024 income statement and comparative balance sheets for Santana I SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue Service revenue Total revenue $ 16,850 6,000 $ 22,850 Operating expenses: Cost of goods sold 8,500 Selling expense 3,700 General and administrative expense 2,800 Total operating expenses 15,000 Operating income Interest expense Income before income taxes Income tax expense Net income 7,850 280 7,570 2,900 $ 4,670 Balance Sheet Information ($ in thousands); Assets: Cash Accounts receivable Inventory Prepaid rent Equipment December 31, 2024 $ 9,600 5,100 6,600 280 17,100 December 31, 2023 $ 3,370 3,500 4,300 560 14,600 C 0001 < Prev 13 of 13 Next Balance Sheet Information ($ in thousands). Assets: Cash Accounts receivable Inventory Prepaid rent Equipment December 31, 2024 $ 9,600 5,100 6,600 December 31, 2023 $ 3,370 3,500 4,300 2801 560 14,600 (5,800) Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings: total liabilities and shareholders' equity 17,100 (6,400) $ 32,280 $ 4,000 230 1,060 680 $ 20,530 $ 2,400 0 730 7,600 1,060 0 11,300 11,300 7,410 5,040 $ 32,280 $ 20,530 Chec Additional information for the 2024 fiscal year ($ in thousands): 1. Cash dividends of $2,300 were declared and paid. 2. Equipment costing $6,600 was purchased with cash. 3. Equipment with a book value of $1,800 (cost of $4,100 less accumulated depreciation of $2,300) was sold for $1,800. 4. Depreciation of $2,900 is included in operating expenses. Required: Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. < Prev 13 of 13 Next * Required: Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2024 ($ in thousands) Cash flows from operating activities: ces Adjustments for noncash effects: Changes in operating assets and liabilities: + Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities: Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31