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Prepare Statement of Cash Flows for Senoro Co. for period ending Dec 31
Comparative Balance Sheet
Assets
2011
2010
Cash
316000
169000
Accounts Receivable
80000
66000
Inventory
150000
135000
Prepaid Insurance
6000
12000
Buildings
250000
200000
Equipment
550000
450000
Accumulated Depriciation
(80000)
(110000)
1272000 532000
Liabilities and Stockholders Equity
Accounts Payable
22000
Bonds Payable
100000
Common Stock (1$ par)
700000
Retained Earnings
260000
Additional information:
1. Net income for 2011 is 215000$
2. Depreciation Expense for 2011 is 30000$
3. Senoro sold equipment which cost 75000 and had accumulated depreciation at 25000 cash. The sale resulted in a 10000 gain.
4. Purchase building for 50000 cash.
5. Purchase equipment for 175000 cash
6. Issued $1 par Common Stock for 150000 cash
7. Paid Cash Dividends in 2011 of 25000
Depreciation reported on the tax return exceeded depreciation reported on the income statement by $128,000. This difference will reverse in equal amounts of $32,000 over the years 2015-2018. Interest received on municipal bonds was $11,600.
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