From the image file prepare cash flows from operatingnbsp

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From the image file prepare cash flows from operating  and investing and financing .

The 20X8 comparative balance sheet and income statement of Genie Marketing, Inc., follows, Genie had no noncash investing and financing transactions during 20X8. During the year, there were no sales of land or equipment, no issuances of notes payable, no retirements of stock, and no treasury stock transactions.

Prepare the 20X8 statement of cash flows, formatting operating activities by the indirect method.

Comparative Balance Sheet

 

20X8

20X7

Increase (Decrease)

Current assets:

 

 

 

Cash and cash equivalents

$8,700

$15,600

($6,900)

Accounts receivanle

46,500

43,100

3,400

Interest receivable

600

900

(300)

Inventories

94,300

89,900

4,400

Prepaid expenses

1,700

2,200

(500)

Plant assets:

 

 

 

Land

35,100

10,000

25,100

Equipment, net

100,900

93,700

7,200

Totla assets

$287,800

$225,400

$32,400

Current liabilities:

 

 

 

Accounts payable

$16,400

$17,900

($1,500)

Interest payable

6,300

6,700

(400)

Salary payable

2,100

1,400

700

Other accured liabilities

18,100

18,700

(600)

Income tax payable

6,300

3,800

2,500

Long-term liabilities:

 

 

 

Notes payable

55,000

65,000

(10,000)

Stockholder\'s equity:

 

 

 

Common stock, no=par

131,100

122,300

8,800

Retained earnings

52,500

19,600

32,900

Total liabilities and stockholder\'s equity

$287,800

$255,400

$32,400

Reference no: EM13355883

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