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Preparing the statement of cash flows-indirect method
The 2012 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro had no noncash investing and financing transactions during 2012.
ATTLEBORO GROUP, INC. Comparative Balance Sheet December 31, 2012 and 2011
2012
2011
Increase (Decrease)
Current assets:
Cash and cash equivalents
$ 11,800
$ 15,200
$ (3,400)
Accounts receivable
42,200
43,900
(1,700)
Inventories
96,800
93,500
3,300
Plant assets:
Land
39,800
14,000
25,800
Equipment, net
101,100
93,800
7,300
Total assets
$ 291,700
$ 260,400
$ 31,300
Current liabilities:
Accounts payable
$ 25,100
$ 26,300
$ (1,200)
Accrued liabilities
24,200
22,500
1,700
Long-term liabilities:
Notes payable
51,000
64,000
(13,000)
Stockholders' equity:
Common stock
136,600
128,300
8,300
Retained earnings
54,800
19,300
35,500
Total liabilities and stockholders' equity
ATTLEBORO GROUP, INC. Income Statement Year Ended December 31, 2012
Revenues:
Sales revenue
$ 441,000
Interest revenue
11,300
Total revenues
$ 452,300
Expenses:
Cost of goods sold
$ 205,300
Salary expense
76,500
Depreciation expense
15,100
Other operating expense
49,600
Interest expense
24,700
Income tax expense
16,700
Total expenses
387,900
Net income
$ 64,400
Requirement
1. Prepare the spreadsheet for the 2012 statement of cash flows. Format cash flows from operating activities by the indirect method.
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