# Condensed financial data of Sinjh Inc. follow. - 14022

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 Problem 17-9A

 Your answer is correct.

Condensed financial data of Sinjh Inc. follow.

 SINJH INC. Comparative Balance Sheets December 31 Assets 2012 2011 Cash \$90,800 \$48,400 Accounts receivable 92,800 33,000 Inventory 112,500 102,850 Prepaid expenses 28,400 26,000 Investments 138,000 114,000 Plant assets 270,000 242,500 Accumulated depreciation (50,000 ) (52,000 ) Total \$682,500 \$514,750 Liabilities and Stockholders’ Equity Accounts payable \$112,000 \$67,300 Accrued expenses payable 16,500 17,000 Bonds payable 110,000 150,000 Common stock 220,000 175,000 Retained earnings 224,000 105,450 Total \$682,500 \$514,750

 SINJH INC. Income Statement For the Year Ended December 31, 2012 Sales \$392,780 Less: Cost of goods sold 135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income taxes 27,280 Interest expense 4,730 Loss on sale of plant assets 7,500 233,880 Net income \$158,900

Additional information:

 1 New plant assets costing \$85,000 were purchased for cash during the year. 2 Old plant assets having an original cost of \$57,500 were sold for \$1,500 cash. 3 Bonds matured and were paid off at face value for cash. 4 A cash dividend of \$40,350 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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