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Preparing the statement of cash flows-indirect method
The 2012 comparative balance sheet and income statement of Appleton Group, Inc., follow. Appleton had no noncash investing and financing transactions during 2012.
APPLETON GROUP, INC. Comparative Balance Sheet December 31, 2012 and 2011
2012
2011
Increase (Decrease)
Current assets:
Cash and cash equivalents
$ 9,300
$ 15,300
$ (6,000)
Accounts receivable
42,000
43,200
(1,200)
Inventories
97,100
93,700
3,400
Plant assets:
Land
41,100
16,000
25,100
Equipment, net
101,200
94,300
6,900
Total assets
290,700
$ 262,500
$ 28,200
Current liabilities:
Accounts payable
$ 25,600
$ 26,600
$ (1,000)
Accrued liabilities
24,000
22,800
1,200
Long-term liabilities:
Notes payable
46,000
62,000
(16,000)
Stockholders' equity:
Common stock
140,300
131,400
8,900
Retained earnings
54,800
19,700
35,100
Total liabilities and stockholders' equity
$ 290,700
APPLETON GROUP, INC. Income Statement Year Ended December 31, 2012
Revenues:
Sales revenue
$ 439,000
Interest revenue
11,800
Total revenues
$ 450,800
Expenses:
Cost of goods sold
$ 205,500
Salary expense
76,500
Depreciation expense
15,500
Other operating expense
49,500
Interest expense
24,300
Income tax expense
16,300
Total expenses
387,600
Net income
$ 63,200
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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