Reference no: EM132574852
Question - The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2013
Revenue:
Net sales $2,850,000
Dividend Income $104,000
Interest income 70,000
Gain on sale of marketable securities 4,000
Total revenue 3,028,000
Costs and expenses:
Cost of goods sold $1,550,000
Operating expenses 980,000
Interest expense 185,000
Income taxes 90,000
Total Costs and expenses $2,805,000
Net income $223,000
Selected account balances: End of year Beginning of year
Accounts receivable $650,000 $720,000
Interest receivable 9,000 6,000
Inventories 800,000 765,000
Short term prepayments 20,000 15,000
Accounts payable 570,000 562,000
Accrued operating expense payable 65,000 94,000
Accrued interest payable 21,000 12,000
Accrued income tax payable 22,000 35,000
Additional Information -
1. Dividend revenue is recognized on cash basis
2. Operating expenses include depreciation expense of $115,000
Required - Prepare partial statement of cash flows including only the operating activities section of the statement. Show computations for following:
1. Cash received from customers
2. Interest and dividend received
3. Cash paid to suppliers and employees
4. Interest paid
5. Income taxes paid