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Daugherty Company's comparative balance sheet and income statement for last year appear below:
Statement of Financial Position
Ending
Beginning
Balance
Cash
$ 7,000
$ 21,000
Accounts receivable
71,000
47,000
Inventory
62,000
44,000
Prepaid expenses
2,000
9,000
Long-term investments
310,000
240,000
Plant and equipment
370,000
Accumulated depreciation
(214,000)
(186,000)
Total assets
$608,000
$545,000
Accounts payable
$ 69,000
$ 48,000
Accrued liabilities
17,000
Taxes payable
28,000
13,000
Bonds payable
140,000
170,000
Deferred taxes
27,000
Common stock
90,000
70,000
Retained earnings
252,000
210,000
Total liabilities and owners' equity
Income Statement
Sales
$940,000
Less cost of goods sold
510,000
Gross margin
430,000
Less operating expenses
270,000
Net operating income
160,000
Less income taxes
48,000
Net income
$112,000
The company declared and paid $70,000 in cash dividends during the year.
Required:
a. Construct in good form the operating activities section of the company's statement of cash flows for the year.
b. Construct in good form the investing activities section of the company's statement of cash flows for the year.
c. Construct in good form the financing activities section of the company's statement of cash flows for the year.
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