Reference no: EM132853302

Question - The following information has been obtained from the accounting records of Sandy Shores Enterprises.

Principal payments on long-term debt RM50,000

Collections on accounts receivable 297,500

Increase in accounts payable 24,300

Acquisition of equipment by issuing long-term note payable 70,000

Amortization expense 18,700

Collection of loan principal 58,000

Proceeds from sale of investments, not including a RM5,100 gain 49,100

Increase in accounts receivable 8,700

Cash payments to purchase plant assets 62,000

Decrease in accrued liabilities 60,300

Payment of cash dividends 64,500

Income tax expense and payments 43,400

Proceeds from sale of plant assets, not including a RM7,400 loss 22,600

Net income 174,100

Depreciation expense 35,500

Cash sales 217,400

Proceeds from issuance of common stock 300,000

Increase in inventory 71,400

Loan to another company 60,000

Bonds payable converted into common stock 130,000

Payments to suppliers 283,100

Decrease in prepaid expenses 12,800

Cash balance: December 31, 2006 52,500

Cash balance: December 31, 2007 373,000

Required - Prepare the statement of cash flows for Sandy Shores Enterprises for the year ended December 31, 2007, using the indirect method and include a schedule of noncash investing and financing activities, if necessary.