Balance sheet and income statement

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Reference no: EM131010990

BBB Company's balance sheet and income statement follow: BBB COMPANY Income Statement For Year Ended December 31, 2011 Sales $38,000 Operating expenses: Depreciation expense $ 2,800 Other operating expenses 35,000 37,800 Operating income 200 Gain on sale of land 800 Income before tax expense 1,000 Tax expense 500 Net income $ 500 Supplemental information: Dividends declared and paid $ 4,350 Land sold for cash 1,800 Equipment purchased for cash 3,500 Common stock sold for cash 3,800 Required a. Prepare a statement of cash flows for the year ended December 31, 2011. (Present the cash flows from operations using the indirect method.) b. Comment on the statement of cash flows.

Reference no: EM131010990

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