Reference no: EM13516998

Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2010 

Johnston Enterprises 
Balance Sheet and Income Statement Data 
December 31, December 31, 
2010 2009___ 
Current Assets: 
Cash $153,000 $119,000 
Accounts Receivable 238,000 306,000 
Inventory 391,000 340,000 
Total Current Assets 782,000 765,000 

Property, Plant, and Equipment 1,241,000 1,122,000 
Less: Accumulated Depreciation (476,000) (442,000) 
Total Assets $1,547,000 $1,445,000 

Current Liabilities: 
Accounts Payable $187,000 $102,000 
Notes Payable 51,000 68,000 
Income Tax Payable 85,000 76,500 
Total Current Liabilities 323,000 246,500 

Bonds Payable 340,000 391,000 
Total Liabilities 663,000 637,500 

Stockholders' Equity: 
Common Stock 510,000 467,500 
Retained Earnings 374,000 340,000 
Total Stockholders' Equity 884,000 807,500 
Total Liabilities & Stockholders' Equity $1,547,000 $1,445,000 

Sales 1,615,000 $1,513,000 
Less Cost of Goods Sold 731,000 731,000 
Gross Profit 884,000 782,000 
Expenses: 
Depreciation Expense 153,000 136,000 
Salary Expense 391,000 357,000 
Interest Expense 34,000 34,000 
Loss on Sale of Equipment 17,000 0 
Income Before Taxes 289,000 255,000 
Less Income Tax Expense 119,000 102,000 
Net Income $170,000 $153,000 

Additional Information:

During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.