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Preparing the statement of cash flows-indirect method, evaluating cash flows, and measuring free cash flows
The comparative balance sheet of Jackson Educational Supply at December 31,
2012, reported the following:
December 31,
2012
2011
Current assets:
Cash and cash equivalents
$ 88,200
$ 22,500
Accounts receivable
14,400
21,700
Inventories
63,600
60,400
Current liabilities:
Accounts payable .
28,600
27,100
Accrued liabilities .
10,600
11,200
Jackson's transactions during 2012 included the following:
Depreciation expense
$ 16,700
Payment of cash dividend
$ 17,200
Purchase of building
100,000
Purchase of equipment
54,400
Net income
59,600
Issuance of long-term note payable to borrow cash
50,000
Issuance of common stock for cash
106,000
Requirements
1. Prepare the statement of cash flows of Jackson Educational Supply for the year ended December 31, 2012. Use the indirect method to report cash flows from operating activities.
2. Evaluate Jackson's cash flows for the year. Mention all three categories of cash flows and give the reason for your evaluation.
3. If Jackson plans similar activity for 2013, what is its expected free cash flow?
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