Given the following selected data for Milton Corporation, using the indirect method to report cash flows from operating activities, determine the net increase (decrease) in cash for the year ended December 31, 2003.
|
Net income. |
$ 95,000 |
|
Depreciation |
25,000 |
|
Other operating expenses. |
140,000 |
|
Cost of goods sold. |
240,000 |
|
Sales revenue |
500,000 |
|
Increase in accounts receivable (net) |
10,000 |
|
Decrease in accounts payable |
5,000 |
|
Decrease in inventory. |
3,000 |
|
Increase in prepaid assets |
7,000 |
|
Increase in wages payable. |
15,000 |
|
Equipment purchased for cash |
40,000 |
|
Increase in bonds payable |
100,000 |
|
Dividends declared and paid |
40,000 |
|
Decrease in dividends payable |
2,000 |