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Condensed financial data of Window Washers Co. for 2010 and 2009 are presented below

Condensed financial data of Window Washers Co. for 2010 and 2009 are presented below
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ACCOUNTING

Condensed financial data of Window Washers Co. for 2010 and 2009 are presented below.

Window Washers Co.
Comparative Balance Sheet
As of December 31, 2010 and 2009 2010 2009
Cash $ 1,850 $ 1,200
Receivables 1,700 1,250
Inventory 1,650 1,950
Plant assets 1,850 1,650
Accumulated depreciation (1,150) (1,120)
Long-term investments (Held-to-maturity) 1,350 1,470
$ 7,250 $ 6,400
Accounts payable $ 1,275 $ 975
Accrued liabilities 175 225
Bonds payable 1,450 1,600
Capital stock 1,850 1,650
Retained earnings 2,500 1,950 $ 7,250 $ 6,400

Window Washers Co.
Income Statement
For the Year Ended December 31, 2010
Sales $ 6,950
Cost of goods sold 4,775
Gross margin 2,175
Selling and administrative expenses 905
Income from operations 1,270
Other revenues and gains
Gain on sale of investments 100
Income before tax 1,370
Income tax expense 548
Net income 822
Cash dividends 272
Income retained in business $ 550

Additional information: During the year, $73 of common stock was issued in exchange for plant assets. No plant assets were sold in 2010.

Instructions
Prepare a statement of cash flows, in proper format, using the indirect method.

This material also includes the direct method.

 

FILE: MS EXCEL

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