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Question - Below is the income statement and balance sheet of Closely Held Corporation. From this information prepare a statement of cash flows for the year ended September 30, 2005.
Income Statement for year ended September 30, (in thousands)
2004
2005
Revenues
$500,000
$512,000
Cost of Sales
(395,000)
(404,480)
Gross Margin
105,000
107,520
Selling and Administrative
(60,000)
(61,440)
Income before interest and taxes
45,000
46,080
Interest expense
(9,900)
(12,320)
Income before income taxes
35,100
33,760
Income tax
(12,812)
(12,322)
Net income
$ 22,289
$ 21,438
Balance Sheet as of September 30, (in thousands)
Change
Assets
Current Assets
Cash and equivalents
$ 10,000
$ 10,240
$ 240
Accounts receivable
40,000
48,640
8,640
Inventories
39,500
56,627
17,127
Prepaid expenses
10,000
11,000
1,000
Total Current Assets
99,500
126,507
27,007
Property, plant, and equipment
390,000
411,000
21,000
Accumulated depreciation
(233,000)
(250,000)
(17,000)
P, P & E net
157,000
161,000
4,000
Other Assets, net amortization
27,000
26,000
(1,000)
Total Assets
$283,500
$313,507
$ 30,007
Liabilities and Shareholders' Equity
Current Liabilities
Current portion of long-term debt
$ 12,000
$ 13,000
$ 1,000
Notes payable
30,000
31,000
Accounts payable
42,450
2,950
Accrued liabilities
21,569
18,000
(3,569)
Income taxes payable
8,900
9,500
600
Total Current Liabilities
111,969
113,950
1,981
Long-term debt
87,000
99,000
12,000
Non-current deferred income tax
9,070
(30)
Other non-current liabilities
4,340
5,000
660
Shareholders' Equity
Common stock - Class A
3,000
3,500
500
Capital in excess of par
Retained earnings
46,191
56,087
9,896
Total Shareholders' Equity
70,191
85,587
15,396
Total Liabilities and Equity
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