Question - Statement of cash flows (indirect method). The following information is taken from Miller Corporation's financial statements
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December 31
|
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2011
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2010
|
|
Cash
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$90,000
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$ 27,000
|
|
Accounts receivable
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92,000
|
80,000
|
|
Allowance for doubtful accounts
|
(4,500)
|
(3,100
|
|
Inventory
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155,000
|
175,000
|
|
Prepaid expenses
|
7,500
|
6,800
|
|
Land
|
90,000
|
60,000
|
|
Buildings
|
287,000
|
244,000
|
|
Accumulated depreciation
|
(32,000)
|
(13,000)
|
|
Patents
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20,000
|
35,000
|
|
$705,000
|
$611,700
|
|
|
|
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Accounts payable
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$ 90,000
|
$ 84,000
|
|
Accrued liabilities
|
54,000
|
63,000
|
|
Bonds payable
|
125,000
|
60,000
|
|
Common stock
|
100,000
|
100,000
|
|
Retained earnings-appropriated
|
80,000
|
10,000
|
|
Retained earnings-un-appropriated
|
271,000
|
302,700
|
|
Treasury stock at cost
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(15,000)
|
(8,000)
|
|
$705,000
|
$611,700
|
|
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For 2011 Year
|
|
Net income
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$58,300
|
|
Depreciation expense
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19,000
|
|
Amortization of patents
|
5,000
|
|
Cash dividends declared and paid
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20,000
|
|
Gain or loss on sale of patents
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none
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Instructions - Prepare a statement of cash flows for Miiler Corporation for the year 2011 (Use the indirect method.)