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

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

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

	Ending Balance	Beginning Balance
Comparative Balance Sheet
Assets:
Cash and cash equivalents	$ 28	$ 31
Accounts receivable	60	65
Inventory	41	42
Property, plant, and equipment	454	380
Less accumulated depreciation	206	172
Total assets	$ 377	$ 346
Liabilities and stockholders' equity:
Accounts payable	$ 43	$ 45
Bonds payable	190	260
Common stock	41	40
Retained earnings	103	1
Total liabilities and stockholders' equity	$ 377	$ 346

Income Statement
Sales	$ 874
Cost of goods sold	533
Gross margin	341
Selling and administrative expense	161
Net operating income	180
Income taxes	54
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

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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