Question
The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2013 Revenue: Net sales = $2,850,000 Dividend
The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2013
Revenue:
Net sales = $2,850,000
Dividend Income = $104,000
Interest income = 70,000
Gain on sale of marketable securities = 4,000
Total revenue = $3,028,000
Costs and expenses:
Cost of goods sold = $1,550,000
Operating expenses = 980,000
Interest expense = 185,000
Income taxes = 90,000
Total Costs and expenses = $2,805,000
Net income = $223,000
Selected account balances:
Accounts receivable End of year $650,000
Accounts receivable Beginning of year $720,000
Interest receivable End of year $9,000
Interest receivable Beginning of year $6,000
Inventories End of year $800,000
Inventories Beginning of year 765,000
Short term prepayments End of year $20,000
Short term prepayments Beginning of year $15,000
Accounts payable End of year $570,000
Accounts payableBeginning of year 562,000
Accrued operating expense payable End of year $65,000
Accrued operating expense payableBeginning of year 94,000
Accrued interest payable End of year $21,000
Accrued interest payable Beginning of year 12,000
Accrued income tax payable End of year $22,000
Accrued income tax payable Beginning of year $35,000
Additional Information:
1.Dividend revenue is recognized on cash basis
2.Operating expenses include depreciation expense of $115,000
Prepare statement of cash flows
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