Solve for Chapter 10 Problem 10.4 Refer to information provided in the preceding P10.3 and complete, in good form, an SCF using the indirect method.

Yr. 0007 Yr. 0008 ASSETS Current Assets $14.800 $15.600 Cash 913 Credit card receivables 847 7.387 Accounts receivable 6,853 5,925 7275 Food inventory 1,975 Beverage inventory 2,425 $31,000 $33,000 Total Current Assets Property, Plant & Equipment 15,500 Furnishings and equipment 19,500 C 3,500) Accumulated depreciation 4,500 $12,000 $15,000 Net Property, Plant & Equipment $43,000 $48,000 Total Assets LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities Accounts payable 4,800 7,100 Accrued expenses payable 800 00 Taxes payable 1,400 Total Current Liabilities 7,000 8,000 Long-term Liabilities Long-term note payable $25,800 $27,800 Liabilities $32,800 $35,800 Common stock 4,200 5,200 Retained earnings 6,000 7,000 Total Stockholders' Equity $10,200 $12,200 Total Liabilities & Stockholders' Equity $43,000 $48,000 a. Net income for Year 0008 $7,000. Annual depreciation of $1,000 was included as an expense to arrive at net income. b. New equipment costing $4,000 was purchased. c. Dividends of $6,000 were paid out. d. New shares (50 at $10 each) were issued e. The long-term loan was increased by $2,500. P10.4 Refer to information provided in the preceding P10.3 and complete, in good form, an SCF using the indirect method