sample acc 495401

Problem 3 Condensed financial data of Fairchild Company for 2012 and 2011 are presented below. FAIRCHILD COMPANY?COMPARATIVE BALANCE SHEET?AS OF DECEMBER 31, 2012 AND 2011????2012??2011??Cash??$1,801???$1,091???Receivables??1,757???1,301???Inventory??1,594???1,900???Plant assets??1,897???1,707???Accumulated depreciation??(1,205?)??(1,170?)??Long-term investments (held-to-maturity)??1,299? ??1,462? ????$7,143? ??$6,291? ?? ????????Accounts payable??$1,207???$796???Accrued liabilities??203???245???Bonds payable??1,418???1,631???Common stock??1,893???1,706???Retained earnings??2,422? ??1,913? ????$7,143? ??$6,291? ?? FAIRCHILD COMPANY?INCOME STATEMENT?FOR THE YEAR ENDED DECEMBER 31, 2012??Sales??$6,851??Cost of goods sold??4,691??Gross margin??2,160??Selling and administrative expenses??930??Income from operations??1,230??Other revenues and gains????   Gain on sale of investments??82??Income before tax??1,312??Income tax expense??531??Net income??$781???Additional information:??During the year, $78 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $272.??Prepare a statement of cash flows using the indirect method. (If an amount reduces the account balance then enter with negative sign.) FAIRCHILD COMPANY?Statement of Cash Flows?For the Year Ended December 31, 2012?(Indirect Method)????????$??Adjustments to reconcile net income to?????????$???????????????????????????????????????????????????????????This document was truncated here because it was created in the Evaluation Mode.