davis corp s 496741
| Davis Corp s comparative balance sheet and income statement for the last year appear below: |
| Balance Sheet |
| For the Year Ended December 31 |
| 2009 2008 |
| Assets Cash 57,000 23,000 |
| Accounts receivable 90,000 69,000 |
| Inventory 30,000 49,000 |
| Prepaid expenses 9,000 15,000 |
| Long-term investments 270,000 190,000 |
| Plant and equipment 450,000 450,000 |
| Less accumulated depreciation 273,000 231,000 |
| Total assets 633,000 565,000 |
| Liabilities Accounts Payable 22,000 45,000 |
| Accrued liabilities 31,000 24,000 |
| Taxes payable 18,000 25,000 |
| Bonds payable 60,000 100,000 |
| Deferred taxes 39,000 24,000 |
| Owners Equity Common stock 140,000 110,000 |
| Retained earnings 323,000 237,000 |
| Total liabilities and owners equity 633,000 565,000 |
| Income Statement |
| For the year 2009 |
| Sales 850,000 |
| Cost of goods sold 410,000 |
| Gross margin 440,000 |
| Selling & admin expenses 280,000 |
| Net operating income 160,000 |
| Income taxes 48,000 |
| Net income 112,000 |
| Davis declared and paid a cash dividend of $26,000 during 2009, and has another cash dividend planned for 2010 in the amount of $40,000. Davis has also planned to spend $150,000 in new capital equipment in 2010. |
| Required: |
| Prepare a statement of cash flows for Davis Corp. for the year ended December 31, 2009. Use the indirect method. |
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