Cash $5,900 $7,000 Accounts receivable 61,400 51,500 Short-term debt investments (available-for-sale) 35,000 18,200 Inventory 40,000 60,500 Prepaid rent 5,000 4,100 Equipment 152,900 131,100 Accumulated depreciation—equipment (35,200 ) (25,100 ) Copyrights 45,800 50,000 Total assets $310,800 $297,300 Accounts payable $46,100 $40,100 Income taxes payable 3,900 5,900 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,100 10,000 Long-term loans payable 60,400 69,300 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 54,300 38,000 Total liabilities & stockholders’ equity $310,800 $297,300 GROUPER INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Sales revenue $332,700 Cost of goods sold 176,000 Gross profit 156,700 Operating expenses 119,300 Operating income 37,400 Interest expense $11,500 Gain on sale of equipment 2,100 9,400 Income before tax 28,000 Income tax expense 5,600 Net income $22,400 Additional information: 1. Dividends in the amount of $6,100 were declared and paid during 2017. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2017. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e. g. -15,000 or

                                           Cash Flow Statements-Indirect Method

Explanation:

                                                                         Amount in $

Cash Flows from Operating Activities                                                              

Net Income                                                          22,400

Adjustments:

Income Tax Expense                                             5,600

Income Tax Paid (5,900-3900+5600)                  (7,600)

Accounts Received (51,500-61,400)                       9,900

Short term Investment Made (18,200-35,000)     (16,800)

Inventory (60,500-40,000)                                      20,500

Prepaid Rent (4,100-5000)                                            (900)

Depreciation  (25,100-35,200)                                     10,100

Accounts Payable (40,100-46,100)                               6,000

Salaries (4000-8000)                                                     4,000

Gain/Loss on Sale of Equipment  (9,400-2,100)           7,300

Cash Generated from operations                                60,500

Cash Flows from Investing Activities

Total Assets Purchased  (297,300-310,800-19800)    (32,500)    

Proceeds from sale of equipment                                  (12,200)

Cash Flows from Financing Activities

Dividend Paid                                                                ( 6,100)

Short Term Loans (10,000-8,100)                                 (1,900)

Long Term Loans Paid (69,300-60,400)                     (8,900)

Net Decrease in Cash and Cash Equivalents             (1,100)

Cash at Beginning                                                           7,000

Cash at ending                                                                 5,900    

government control and resources

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