Calculate the amount of dividends dragoon paid

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Reference no: EM13899510

Condensed financial statements for Dragoon Enterprises follow.

(a) Calculate the amount of dividends Dragoon paid using the information given.

(b) Prepare a statement of cash flows using the indirect method.

Dragoon Enterprises Comparative Balance Sheets December 31, 2012 and 2011

	2012	2011
Cash	$ 1,200	$ 850
Accounts receivable	1,750	1,200
Inventory	1,250	1,360
Plant and equipment	4,600	3,900
Accumulated depreciation	(1,200)	(1,100)
Long-term investments	970	1,110
Total Assets	8,570	7,320
Accounts payable	1,100	800
Accrued wages payable	250	350
Interest payable	70	120
Income tax payable	200	50
Bonds payable	1,100	1,400
Capital stock	1,000	930
Paid-in capital	400	70
Retained earnings	4,450	3,600
Total Liabilities and Equity	$ 8,570	$ 7,320

Income Statement for Year Ended December 31, 2012

Sales	$ 9,500
Cost of goods sold	6,650
Gross profit	2,850
Other expenses
Selling and administrative	1,200
Depreciation	100
Interest	150
Income tax	350
Net income	$ 1,050

Reference no: EM13899510

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