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Presented below are the 2013 income statement and comparative balance sheet information for Siegfried & Royce (S&G).
Siegfried & Royce
Income Statement
For the Year Ended December 31, 2013
($ in thousands)
Depreciation
400
Rent
250
Administrative and other
2.200
Total operating expenses
10.150
Income before income taxes
2,350
Income tax expense
940
Net income
$ 1.410
Balance Sheet information ($ in thousands)
Dec. 31, 2013
Dec. 31, 2012
Assets:
Cash
$3,280
$1,300
Accounts receivable
1,250
980
Inventory
900
Prepaid rent
150
100
Plant & equipment
3,000
2,600
Less: Accumulated depreciation
(1,200)
_(840
Total assets
$7.460
$5,080
Liabilities and shareholders' equity:
Accounts payable
$ 500
$ 580
Payables for administrative and other expenses
650
700
Income taxes payable
450
350
Note payable (due 12/31/2014)
2,500
2,000
Common stock
1,500
1,000
Retained earnings
1.860
10.40
$5.080
Total liabilities and shareholders' equity
Required:
1. Prepare S&G's 2013 statement of cash flows, using the indirect method to present cash flows from operating activities.
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