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The balance sheet and the income statement for the year ended December 31, 2016 for Johnson Inc. follows. During 2016, cash of 15,000 was paid for building and equipment, 10,000 was paid for retirement of notes payable, and $68,000.was paid for cash dividends. . During 2016, cash was received from issuance of stock.
Balance Sheet
As of December, 31.
2016
2015
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000
3,000
Wages payable
5,000
Current notes payable
50,000**
Common stock
110,000***
Retained earnings
61,000
84,000
Total liabilities and stockholders's equity
Income Statement
For the Year Ended December 31, 2016
Sales
$500,000
Less expenses:
Cost of goods sold
$330,000
Selling and administrative expenses
90,000
(includes depreciation of $15,000)
Interest expense
Total expenses
425,000
Income before taxes
$ 75,000
Income tax expense
30,000
Net income
$ 45,000
(Required) Prepare the statement of cash flows for 2016. Present cash flows from operations using the indirect approach.
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