Reference no: EM131211702
Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in thousands) Sales revenue $ 18,250 Service revenue 7,400 Total revenue $ 25,650 Operating expenses: Cost of goods sold 9,200 Selling 4,400 General and administrative 3,500 Total operating expenses 17,100 Operating income 8,550 Interest expense 400 Income before income taxes 8,150 Income tax expense 4,500 Net income $ 3,650 Balance Sheet Information ($ in thousands) Dec. 31, 2016 Dec. 31, 2015 Assets: Cash $ 9,350 $ 4,000 Accounts receivable 6,500 4,200 Inventory 8,000 5,000 Prepaid rent 350 700 Plant and equipment 18,500 16,000 Less: Accumulated depreciation (7,100 ) (6,500 ) Total assets $ 35,600 $ 23,400 Liabilities and Shareholders’ Equity: Accounts payable $ 5,400 $ 3,100 Interest payable 300 0 Deferred service revenue 1,200 800 Income taxes payable 750 1,200 Loan payable (due 12/31/2015) 9,000 0 Common stock 12,000 12,000 Retained earnings 6,950 6,300 Total liabilities and shareholders' equity $ 35,600 $ 23,400 Additional information for the 2016 fiscal year ($ in thousands): 1. Cash dividends of $3,000 were declared and paid. 2. Equipment costing $8,000 was purchased with cash. 3. Equipment with a book value of $2,500 (cost of $5,500 less accumulated depreciation of $3,000) was sold for $2,500. 4. Depreciation of $3,600 is included in operating expenses. Required: Prepare Santana Industries' 2016 statement of cash flows, using the indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)
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: Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in thousands) Sales revenue $ 18,250 Service revenue 7,400 Total revenue ..
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