4. Presented below are the financial statements of Bonita Industries.
Bonita Industries Comparative Balance Sheets December 31
Assets
2017
2016
Cash
$ 40,600
$ 23,200
Accounts receivable
23,200
16,240
Inventory
32,480
23,200
Property, plant, and equipment
69,600
90,480
Accumulated depreciation
(37,120
)
(27,840
)
Total
$128,760
$125,280
Liabilities and Stockholders’ Equity
Accounts payable
$ 22,040
$ 17,400
Income taxes payable
8,120
9,280
Bonds payable
19,720
38,280
Common stock
20,880
16,240
Retained earnings
58,000
44,080
Total
$128,760
$125,280
Bonita Industries Income Statement For the Year Ended December 31, 2017
Sales revenue
$280,720
Cost of goods sold
203,000
Gross profit
77,720
Selling expenses
$20,880
Administrative expenses
6,960
27,840
Income from operations
49,880
Interest expense
3,480
Income before income taxes
46,400
Income tax expense
9,280
Net income
$ 37,120
Additional data:
1.
Depreciation expense was $20,300.
2.
Dividends declared and paid were $23,200.
3.
During the year equipment was sold for $9,860 cash. This equipment cost $20,880 originally and had accumulated depreciation of $11,020 at the time of sale.
Prepare a statement of cash flows using the indirect method.
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