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Preparing a Statement of Cash Flows
The following are comparative balance sheets for the Paulino Corporation for 2000 and 1999 and the income statement for the year ended December 31, 2000:
Paulino Corporation
Comparative Balance Sheets
December 31
Assets
2000
1999
Cash
$ 89,000
$ 60,000
Accounts receivable
65,000
50,000
Inventory
200,000
90,000
Land
100,000
225,000
Equipment, net
371,000
380,000
$825,000
$805,000
Liabilities and Shareholders' Equity
Accounts payable
54,000
32,000
Dividends payable
15,000
0
Interest payable
6,000
8,000
Mortgage payable
130,000
305,000
Invested Capital
capital280,000
280,000
Retained earnings
340,000
180,000
Income Statement
For the Year Ended December 31, 2000
Sales
$1,200,000
Cost of goods sold
(720,000)
Gross profit
480,000
Operating and other expenses
Depreciation
(9,000)
Other operating expenses
(275,000)
Gain on sale of land
Interest expense
(10,000)
(279,000)
Net income
$ 201,000
Additional Information:
1. Dividends declared during the year were $41,000.
2. Land at a cost of $125,000 was sold for $140,000.
3. The only change in equipment was the depreciation expense.
4. All other balance sheet account changes are from normal transactions.
Required
Use the direct method to prepare a statement of cash flows for Paulino Corporation.
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