Given the following information prepare the complete

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Reference no: EM13481978

Given the following information, prepare the complete statement of cash flows. Use the indirect method of preparing the operations sections.

Simon corporation Comparative balance sheets Dec 31, 2010 and 2009
	2010	2009
Assets
Cash	$174,000	$117,000
Accounts receivable	93,000	81,000
Merchandise inventory	609,000	534,000
Equipment	333,000	297,000
Accumulated depreciation: equipment	(156,000)	(102,000)
Total assets	$1,053,000	$927,000

Liabilities and equity
Accounts payable	$69,000	$96,000
Income taxes payable	27,000	24,000
Common stock, $2 par value	582,000	558,000
Paid-in capital in excess of par, common stock	198,000	162,000
Retained earnings	177,000	87,000
Total liabilities and equity	$1,053,000	$927,000

Simon corporation Income statement For the year ended Dec 31, 2010
Sales		$1,992,000
Cost of goods sold		(1,194,000)
Gross profit		$798,000
Operating expenses
Depreciation expense	$(54,000)
Other expenses	(501,000)	(555,000)
Income before taxes		$243,000
Income tax expense		(42,000)
Net income		$201,000

Additional information:

I. Purchased equipment for $36,000

II. Issued 12,000 shares of common stock for $5 cash per share

III.Declared and paid $111,000 in cash dividends

Reference no: EM13481978

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