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Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative
Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2017 Sales $1,239,000 Cost of goods sold $688,000 Gross profit $551,000 Gen'l & admin expense $157,000 Selling & mkt expense $134,000 Depreciation $24,000 Operating income $236,000 Interest $142,000 Income before taxes $94,000 Income taxes (27%) $25,380 Net income $68,620 Dividends paid $25,000 Assets Cash Accounts receivable Inventory 2017 2016 $23,000 $12,580 $124,000 $114,000 $202,000 $219,000 Total current assets $349,000 $345,580 Gross plant and equipment $700,000 $475,000 Less: accum. depreciation $313,000 $289,000 Net plant and equipment $387,000 $186,000 Total assets $736,000 $531,580 Liabilities Accounts payable $118,000 $104,000 Notes payable $27,000 $27,000 Total current liabilities $145,000 $131,000 Long-term debt $246,000 $150,000 Total liabilities $391,000 $281,000 Common stock ($0.01 par) $4,500 $4,000 Common stock ($0.01 par) $4,500 $4,000 Paid-in capital $222,500 $172,200 Retained earnings $118,000 $74,380 Total stockholders' equity Total liabilities and equity $736,000 $345,000 $250,580 $531,580 Statement of Cash Flows 2017 +A >
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