Vader Industries Inc manufactures and distributes a broad range of stuff and provides related stuffing services to retailers. The company statement of financial position and income statement follow. You are required to prepare the cash flow statement that will be placed in the formal financial statements that go to the bank. Vader Industries Inc has adopted the indirect method for preparing its cash flow statement.

Vader Industries Inc

Statement of Financial Position

At March 31

($ in thousands)

2022 2021

Assets

Current Assets:

Cash and equivalents $ 2,200 $ 3,200

Accounts receivable 94,000 85,100

Inventories 160,000 104,500

Prepaid expenses 13,000 12,400

Other assets 1,200 1,500

Total Current Assets 270,400 2 06,700

Property, Plant and Equipment 110,300 102,900

Less: Accumulated Depreciation ( 71,700) (69,700)

Total Assets $ 309,000 $ 239,900

Liabilities and Shareholders Equity

Current Liabilities:

Notes payable $ 43,500 $ 19,500

Accounts payable 49,300 45,000

Accrued salaries 10,200 11,700

Other accrued expenses 16,000 12,900

Income taxes 6,500 7,000

Total Current Liabilities 125,500 96,100

Long Term Debt 50,900 16,100

Total Liabilities 176,400 112,200

Shareholders Equity

Common shares 15,700 14,800

Retained earnings 116,900 112,900

Total Shareholders Equity 132,600 127,700

Total Liabilities and Shareholders Equity $ 309,000 $ 239,900

Vader Industries Inc

Statement of Earnings

For the Year Ended

($ in thousands except per share amounts)

2022 2021

Net sales $ 655,800 $ 624,600

Gain on sale of equipment 1,200

657,000 624,600

Costs and Expenses

Cost of goods sold 543,600 498,800

Selling, general and administrative 91,600 91,200

Interest 4,100 2,300

639,300 592,300

Earnings Before Income Taxes 17,700 32,300

Income Taxes 7,100 13,100

Net Earnings $ 10,600 $ 19,200

Net Earnings per Common Share $ 1.22 $ 2.23

Additional information (numbers in thousands)

Dividends declared in fiscal 2022 totaled $6,600.

Depreciation totaled $7,800 in 2022.

Purchases of new property, plant and equipment totaled $14,800 in 2022.

Property, plant and equipment sold in 2022 produced a gain of $1,200.

All changes in the shareholders equity accounts other than earnings and dividends are due to the issuance of new common shares.

Included in the accrued liabilities on the balance sheet is Interest Payable in the amount of $475 for 2022 and $525 for 2021.

The company repaid $200 of long term debt principal in the year.