Prepare a properly formatted statement of cash flows

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Reference no: EM13939696

CLASSIFICATION OF CASH FLOWS

Fannin Company is a manufacturer of premium athletic equipment. Fannin reported the following inflows and outflows of cash during 2009.

Net income	$589,000
Increase in accounts receivable	32,000
Decrease in inventory	59,400
Decrease in prepaid insurance	45,800
Decrease in accounts payable	59,600
Decrease in income taxes payable	11,200
Increase in wages payable	21,600
Cash received from sale of investment	9,000
Cash paid for property, plant, and equipment	102,000
Depreciation expense	103,300
Proceeds from issuance of note payable	55,000
Payment on bonds payable	50,000
Cash received from issuance of common stock	25,000
Payment of cash dividends	55,000

Fannin had cash on hand at 1/1/09 of $218,500.

Required:

Prepare a properly formatted statement of cash flows using the indirect method.

Reference no: EM13939696

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