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(Preparation of a Statement of Cash Flows, Analysis) The comparative balance sheets of Menachem Corporation at the beginning and end of the year 2012 appear below.
MENACHEM CORPORATION BALANCE SHEETS
Assets
Dec. 31, 2012
Jan. 1, 2012
Inc./Dec.
Cash
$22,000
$13,000
$ 9,000 Inc.
Accounts receivable
106,000
88,000
18,000 Inc.
Equipment
37,000
22,000
15,000 Inc.
Less: Accumulated depreciation-equipment
17,000
11,000
6,000 Inc.
Total
$148,000
$112,000
Liabilities and Stockholders' Equity
Accounts payable
$20,000
$15,000
5,000 Inc.
Common stock
100,000
80,000
20,000 Inc.
Retained earnings
28,000
11,000 Inc.
Net income of $34,000 was reported, and dividends of $23,000 were paid in 2012. New equipment was purchased and none was sold.
Instructions
(a) Prepare a statement of cash flows for the year 2012.
(b) Compute the current ratio (current assets 4 current liabilities) as of January 1, 2012, and December 31, 2012, and compute free cash flow for the year 2012.
(c) In light of the analysis in (b), comment on Menachem's liquidity and financial flexibility.
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