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Sweet Acacia Industries Income Statement Data For the Year Ended December 31, 2017 Sales revenue $501,113 Less: $174,743 Cost of goods sold Operating expenses, excluding
Sweet Acacia Industries Income Statement Data For the Year Ended December 31, 2017 Sales revenue $501,113 Less: $174,743 Cost of goods sold Operating expenses, excluding depreciation 16,009 59,985 Depreciation expense Income tax expense 35,19 Interest expense 6,102 Loss on disposal of plant assets 9,675 301,705 199,408 Net income Additional information: 1. New plant assets costing $129,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $74,175 and accumulated depreciation of $62,565 were sold for $1,935 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $33,579 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Sweet Acacia Industries using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a sign e g. -15,000 or in parenthesis e g. (15,000).)
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