Prepare the 2007 Statement of Cash Flows for Robins Corporation, using the indirect method. The following information has been provided to you:
DECEMBER 31,
2007 2006
current assets:
cash & cash equivalents |19,000| |3,000|
Accounts receivable |22,000| |23,000|
Inventories |34,000| |31,000|
Prepaid Expenses |1,000| |3,000|
Current liabilities:
notes payable (inventory purchases) |11,000| |7,000|
Accounts payable |24,000| |19,000|
Accrued Liabilities |7,000| |9,000|
income tax payable |10,000| |10,000|
Transaction Data For 2007:
Purchase of equipment |98,000|
Payment of cash dividends |18,000|
Net income |26,000|
Purchase of long term investment |8,000|
Depreciation expense |7,000|
issuance long term not payable to borrow cash |7,000|
issuance of common stock for cash |19,000|
sale of building |74,000|
Amortization expense |3,000|
Purchase of treasury stock |5,000|
Loss on sale of building |2,000|