uel Corp. has provided the following information for the year ended December 31, 2018.                                          Samuel Corp                            Comparative Balance Sheet

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Samuel Corp. has provided the following information for the year ended December 31, 2018.

 

                                       Samuel Corp

                           Comparative Balance Sheet

                          December 31, 2018 and 2017

                                     

  2018 2017 Inc/(dec)
Current Assets:      
Cash $33,000 $13,000 $20,000
Accounts Receiveable 29,000 36,000 (7,000)
Inventory 56,000 29,000 27,000
Plant Assets, net 126,000 92,000 34,000
Total Assets $244,000 $170,000 $74,000
       
Accounts Payable $9,000 $13,000 $(4,000)
Accrued Liabilities 7,000 3,000 4,000
Long-Term Notes Payable 70,000 79,000 (9,000)
Total Liabilities 86,000 95,000 (9,000)
       
Common Stock $55,000 $3,000 $52,000
Retained Earnings 115,000 78,000 37,000
Treasury Stock (12,000) (6,000) (6,000)
Total Stockholders' Equity $158,000 $75,000 $83,000
Total Liabilities and Stockholders Equity $244,000 $170,000 $74,000

        Samuel Corp

   Income Statement

   Year Ended December 31,2018

Sales Revenue $291,300  
Interest Revenue 1,000  
Gain on Sale of Plant Assets 6,000  
Total Revenues and Gains   298,300
Cost of Goods Sold 145,000  
Salaries and wages expenses 49,000  
Depreciation Expense-Plant Assets 16,000  
Other Operating Expense 25,000  
Interest Expense 3,500  
Income Tax Expense 7,800  
Total Expenses   246,300
Net Income   $52,000

Additional information provided by the company includes the following:

Equipment costing $60,000 was purchased for cash.

Equipment with a net asset value of $10,000 was sold for $16,000.

Depreciation Expense of $16,000 was recorded during the year.

During 2018, the company repaid $43,000 of Long-Term Notes Payable.

During 2018, the company borrowed $34,000 on a new Long-Term Note Payable

There were no stock retirements during the year.

There were no sales of treasury stock during the year.

All sales are on credit.

Prepare a complete statement of cash flows using the indirect method.

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