QUESTION 3

*Note: This is a 3-part question - information is the same for all 3 parts

Part B

Following data pertain to Snowy Inc.

Income statement for the year ending 12/31/2012
Sales		10,870
Cost of goods sold	5,300
Administrative expenses	1,520
Depreciation expense	270
Income tax expense	1,512
		8,602
Net Income		2,268

Balance Sheets for 2012 and 2011 are presented below:
		December 31
		2012	2011
	Assets
Current Assets:
Cash...............................................................................................................................	$ 34	$ 248
Accounts receivable.....................................................................................................	2,685	965
Inventory.......................................................................................................................	1,750	1,015
Prepaid insurance........................................................................................................	6	12
Marketable securities..................................................................................................	250	---
Total current assets...........................................................................................	$4,725	$2,240
Noncurrent assets:
Land ...............................................................................................................................	$ 800	$1,100
Building .........................................................................................................................	4,800	2,700
Accumulated depreciation - building .........................................................................	(1,120)	(850)
Total noncurrent assets.....................................................................................	$4,480	$2,950
Total assets....................................................................................................................	$9,205	$5,190
	Liabilities and Stockholders Equity
Current liabilities:
Accounts payable..........................................................................................................	$ 75	$ 200
Notes payable................................................................................................................	460	360
Salaries payable.............................................................................................................	130	150
Income taxes payable...................................................................................................	168	40
Total current liabilities.........................................................................................	$ 833	$ 750
Noncurrent liabilities:
Bonds payable..............................................................................................................	2,200	2,200
Total Liabilities....................................................................................................	$3,033	$2,950
Stakeholders equity:
Common stock...............................................................................................................	$3,664	$1,500
Retained earnings.........................................................................................................	2,508	740
Total stockholders' equity.......................................................................................	$6,172	$2,240
Total liabilities and stockholders' equity....................................................................	$9,205	$5,190

C. Compute the Cash flow from Financing activities for Snowy Inc. for the year ending 12/31/12. Show individual items (assets, liabilities etc. that resulted in this number).

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