barnish corporation issued the following statement of cash flows for 2012 535384

BARNISH CORPORATION
Statement of Cash Flows—Indirect Method
For the Year Ended December 31, 2012

Cash flows from operating activities

Net income

$59,000

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation expense

$ 9,100

Decrease in accounts receivable

9,500

Increase in inventory

(5,000)

Decrease in accounts payable

(2,200)

Loss on sale of equipment

3,300

14,700

Net cash provided by operating activities

73,700

Cash flows from investing activities

Sale of investments

3,100

Purchase of equipment

(24,200)

Net cash used by investing activities

(21,100)

Cash flows from financing activities

Issuance of stock

20,000

Payment on long-term note payable

(10,000)

Payment for dividends

(13,000)

Net cash used by financing activities

(3,000)

Net increase in cash

49,600

Cash at beginning of year

13,000

Cash at end of year

$62,600