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Question - Smith Corporation had the following comparative balance sheet information for 2012 and 2013:
Account
2013
2012
Cash
$ 60,000
$ 56,000
Accounts Receivable
96,000
100,000
Inventory
316,000
312,000
Prepaid Insurance
20,000
16,000
Property, Plant & Equipment
140,000
120,000
Accumulated Depreciation
(28,000)
(20,000)
Total
$ 604,000
$ 584,000
Accounts Payable
$ 28,000
$ 36,000
Bonds Payable
180,000
240,000
Common Stock
280,000
Retained Earnings
116,000
68,000
The company reported net income for 2013 of $80,000. No property, plant & equipment was disposed of during the year. Smith paid $32,000 in cash dividends during 2013. Smith uses the indirect method to prepare the statement of cash flows.
Required: Prepare and explain Smith's Statement of Cash Flows for 2013.
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