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Problem - The comparative balance sheets for 2011 and 2010 and the statement of income for 2011 are given below for Metagrobolize Industries. Additional information from Metagrobolize's accounting records is provided also.
METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2011 and 2010 ($ in 000s)
$2,011.00
$2,010.00
Assets
Cash
$525.00
$375.00
Accounts receivable
$685.00
$465.00
Inventory
$840.00
$520.00
Land
$695.00
$615.00
Building
$950.00
Less: Accumulated depreciation
-$317.00
-$285.00
Equipment
$2,870.00
$2,250.00
-$534.00
-$480.00
Patent
$1,200.00
$1,500.00
$6,914.00
$5,910.00
Liabilities
Accounts payable
$750.00
$450.00
Accrued expenses payable
$300.00
$225.00
Lease liability-land
$150.00
$0.00
Shareholders' Equity
Common stock
$3,150.00
$3,000.00
Paid-in capital-excess of par
$765.00
$675.00
Retained earnings
$1,799.00
$1,560.00
METAGROBOLIZE INDUSTRIES Income Statement For Year Ended December 31, 2011 ($ in 000s)
Revenues
Sales revenue
$2,595.00
Gain on sale of land
$90.00
$2,685.00
Expenses
Cost of goods sold
$589.00
Depreciation expense-building
$32.00
Depreciation expense-equipment
$315.00
Loss on sale of equipment
$15.00
Amortization of patent
Operating expenses
$500.00
$1,751.00
Net income
$934.00
Additional information from the accounting records:
a. During 2011, equipment with a cost of $290,000 (90% depreciated) was sold.
b. The statement of retained earnings reveals reductions of $240,000 and $455,000 for stock dividends and cash dividends, respectively.
Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2011. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from operating activities.) (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Omit the ""$"" sign in your response.)
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