Reference no: EM132575889

The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2013

Revenue:

Net sales = $2,850,000

Dividend Income = $104,000

Interest income = 70,000

Gain on sale of marketable securities = 4,000

Total revenue = $3,028,000

Costs and expenses:

Cost of goods sold = $1,550,000

Operating expenses = 980,000

Interest expense = 185,000

Income taxes = 90,000

Total Costs and expenses = $2,805,000

Net income = $223,000

Selected account balances:

Accounts receivable End of year $650,000

Accounts receivable Beginning of year $720,000

Interest receivable End of year $9,000

Interest receivable Beginning of year $6,000

Inventories End of year $800,000

Inventories Beginning of year 765,000

Short term prepayments End of year $20,000

Short term prepayments Beginning of year $15,000

Accounts payable End of year $570,000

Accounts payable Beginning of year 562,000

Accrued operating expense payable End of year $65,000

Accrued operating expense payable Beginning of year 94,000

Accrued interest payable End of year $21,000

Accrued interest payable Beginning of year 12,000

Accrued income tax payable End of year $22,000

Accrued income tax payable Beginning of year $35,000

Additional Information:

1. Dividend revenue is recognized on cash basis

2. Operating expenses include depreciation expense of $115,000

Question 1: Prepare statement of cash flows