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Problem - David Jones owns a small trucking operations. The bookkeeper presented Jones with the following income statements and balance sheets for 2012 and 2013
Income Statement
2013
2012
Revenues
$191,400
$182,600
Operating expenses:
Depreciation
$26,400
Fuel
77,000
46,200
Drivers' salaries
44,000
35,200
Tax and licences
22,000
17,600
Repairs
30,800
19,800
Miscellaneous
2,200
202,400
1,100
146,300
Income (loss)
($11,000)
$36,300
Balance Sheets
Cash
$22,000
$4,400
Accounts receivable
8,800
26,400
Net fixed assets
198,000
224,400
Total Assets
$228,800
$255,200
Accounts payable
$30,800
Accrued salaries
5,500
Other accruals
3,300
Long term debt
100,100
129,800
Jones, capital
85,800
96,800
Total Liabilities
Jones does not understand how the company can be $17,600 ahead of last year in terms of cash on hand and yet show an $11,000 loss for the year.
Required - Prepared a Cash Flow statement (indirect method) to use in explaining this to David Jones.
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