The balance sheet and income statement for a company are

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Reference no: EM13607441

The balance sheet and income statement for a company are provided below, along with selected additional financial information. Current Year Prior Year Balance Sheet Cash 79,250 73,840 Accounts Receivable 18,820 24,185 Merchandise Inventory 15,354 6,976 Property and equipment 285,735 175,000 Accumulated Depreciation (89,000) (72,630) Total Assets 310,159 207,371 Accounts Payable 8,500 18,200 Wages Payable 3,208 2,194 Notes payable, long-term 72,840 86,100 Contributed capital 84,255 65,980 Retained earnings 141,356 34,897 Total Liabilities and Stockholders' Equity 310,159 207,371 Income Statement Sales 284,955 Cost of goods sold 91,357 Wages 32,187 Depreciation expense 16,370 Other Expense 22,358 Net income 122,683 Additional data:

a) Purchased equipment for cash $100,735

b) Paid $13,260 on a long-term loan

c) Issued new shares of stock for $18,275 cash

d) Dividends of $16,224 were declared and paid.

Required: Prepare a statement of cash flows for the year using the indirect method

Reference no: EM13607441

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