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smithc52 smithc52
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A year ago

Thunder Corporation's balance sheet and income statement appear below:

Comparative Balance Sheet
Ending BalanceBeginning Balance
Assets:
Cash and cash equivalents$ 28$ 31
Accounts receivable6065
Inventory4142
Property, plant, and equipment454380
Less accumulated depreciation206172
Total assets$ 377$ 346
Liabilities and stockholders' equity:
Accounts payable$ 43$ 45
Bonds payable190260
Common stock4140
Retained earnings1031
Total liabilities and stockholders' equity$ 377$ 346

Income Statement
Sales$ 874
Cost of goods sold533
Gross margin341
Selling and administrative expense161
Net operating income180
Income taxes54
Net income$ 126

The company did not dispose of any property, plant, and equipment, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $24.

Required:

Prepare a statement of cash flows in good form using the indirect method.

Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
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