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Given the following information, prepare the complete statement of cash flows. Use the indirect method of preparing the operations sections.
Simon corporation
Comparative balance sheets
Dec 31, 2010 and 2009
2010
2009
Assets
Cash
$174,000
$117,000
Accounts receivable
93,000
81,000
Merchandise inventory
609,000
534,000
Equipment
333,000
297,000
Accumulated depreciation: equipment
(156,000)
(102,000)
Total assets
$1,053,000
$927,000
Liabilities and equity
Accounts payable
$69,000
$96,000
Income taxes payable
27,000
24,000
Common stock, $2 par value
582,000
558,000
Paid-in capital in excess of par, common stock
198,000
162,000
Retained earnings
177,000
87,000
Total liabilities and equity
Income statement
For the year ended Dec 31, 2010
Sales
$1,992,000
Cost of goods sold
(1,194,000)
Gross profit
$798,000
Operating expenses
Depreciation expense
$(54,000)
Other expenses
(501,000)
(555,000)
Income before taxes
$243,000
Income tax expense
(42,000)
Net income
$201,000
Additional information:
I. Purchased equipment for $36,000
II. Issued 12,000 shares of common stock for $5 cash per share
III.Declared and paid $111,000 in cash dividends
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