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JEM Company's comparative balance sheets for 2002 and 2003 are provided.
2003
2002
Assets
Cash and cash equivalents
$ 30,500
$ 10,000
Accounts receivable (net)
64,500
51,000
Inventory
100,000
115,000
Equipment.
55,000
30,000
Accumulated depreciation-equipment
(21,500)
(14,000)
Total assets
$228,500
$192,000
Liabilities and Stockholders' Equity
Accounts payable
$ 52,500
$ 46,000
Long-term notes payable.
70,000
50,000
Capital stock
60,000
Retained earnings
46,000
36,000
Total liabilities and stockholders' equity.
The following additional information is available:
a.Net income for the year 2003 (as reported on the income statement) was $50,000.
b.Dividends of $40,000 were declared and paid.
c.Equipment that cost $8,000 and had a book value of $1,000 was sold during the year for $2,500.
Required
Based on the information provided, prepare a statement of cash flows for JEM Company for the year ended December 31, 2003. Use the indirect method to report cash flows from operating activities.
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