Statement of Cash Flow Presented below are the consolidated financial statements of The Mann Corporation as of year-end 2012 and 2013. THE MANN CORPORATION Consolidated Balance Sheets As of Year-End ($ thousands) 2013 2012 Assets Current assets Cash $320,000 $200,000 Accounts receivable (net) 792,000 608,000 Inventory 568,000 320,000 Prepaid expenses 80,000 80,000 Total current assets 1,760,000 1,208,000 Investments in affiliate companies 80,000 - Property and equipment 1,048,000 640,000 Less: Accumulated depreciation (88,000) (64,000) Property & equipment (net) 960,000 576,000 Total assets $2,800,000 $1,784,000 Liabilities & Shareholders' Equity Current liabilities Accounts payable $456,000 $400,000 Accrued expenses payable 160,000 176,000 Dividends payable 56,000 - Total current liabilities 672,000 576,000 Note payable-due in ten years 400,000 - Total liabilities 1,072,000 576,000 Shareholders' equity Common stock, $5 par value 240,000 160,000 Additional paid-in-capital 960,000 928,000 Retained earnings 528,000 120,000 Total shareholders' equity 1,728,000 1,208,000 Total liabilities & shareholders' equity $2,800,000 $1,784,000   THE MANN CORPORATION Consolidated Income Statement For Year Ended ($ thousands) 2013 2012 Sales $13,440,000 $9,600,000 Cost of goods sold 11,200,000 8,320,000 Gross margin 2,240,000 1,280,000 Selling & administrative expenses 1,544,000 838,400 Depreciation expense 24,000 16,000 Income tax expense 192,000 121,600 Net income $480,000 $304,000   Required Using the above financial data, prepare the statement of cash flow for 2013 using the indirect method. Use a negative sign with answers to indicate a decrease in cash

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Statement of Cash Flow
Presented below are the consolidated financial statements of The Mann Corporation as of year-end 2012 and 2013.

THE MANN CORPORATION
Consolidated Balance Sheets
As of Year-End ($ thousands) 2013 2012
Assets
Current assets
Cash $320,000 $200,000
Accounts receivable (net) 792,000 608,000
Inventory 568,000 320,000
Prepaid expenses 80,000 80,000
Total current assets 1,760,000 1,208,000
Investments in affiliate companies 80,000 -
Property and equipment 1,048,000 640,000
Less: Accumulated depreciation (88,000) (64,000)
Property & equipment (net) 960,000 576,000
Total assets $2,800,000 $1,784,000
Liabilities & Shareholders' Equity
Current liabilities
Accounts payable $456,000 $400,000
Accrued expenses payable 160,000 176,000
Dividends payable 56,000 -
Total current liabilities 672,000 576,000
Note payable-due in ten years 400,000 -
Total liabilities 1,072,000 576,000
Shareholders' equity
Common stock, $5 par value 240,000 160,000
Additional paid-in-capital 960,000 928,000
Retained earnings 528,000 120,000
Total shareholders' equity 1,728,000 1,208,000
Total liabilities & shareholders' equity $2,800,000 $1,784,000

 

THE MANN CORPORATION
Consolidated Income Statement
For Year Ended ($ thousands) 2013 2012
Sales $13,440,000 $9,600,000
Cost of goods sold 11,200,000 8,320,000
Gross margin 2,240,000 1,280,000
Selling & administrative expenses 1,544,000 838,400
Depreciation expense 24,000 16,000
Income tax expense 192,000 121,600
Net income $480,000 $304,000

 

Required
Using the above financial data, prepare the statement of cash flow for 2013 using the indirect method.

Use a negative sign with answers to indicate a decrease in cash.

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