Statement of Cash Flow Presented below are the consolidated financial statements

Question

Statement of Cash Flow
Presented below are the consolidated financial statements of The Mann Corporation as of year-end 2012 and 2013.

Required

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

THE MANN CORPORATION
Consolidated Balance Sheets As of Year-End ($ thousands) 2013 2012 Assets Current assets Cash $400,000 $250,000 Accounts receivable (net) 990,000 760,000 Inventory 710,000 400,000 Prepaid expenses 100,000 100,000 Total current assets 2,200,000 1,510,000 Investments in affiliate companies 100,000 - Property and equipment 1,310,000 800,000 Less: Accumulated depreciation (110,000) (80,000) Property & equipment (net) 1,200,000 720,000 Total assets $3,500,000 $2,230,000 Liabilities & Shareholders’ Equity Current liabilities Accounts payable $570,000 $500,000 Accrued expenses payable 200,000 220,000 Dividends payable 70,000 - Total current liabilities 840,000 720,000 Note payable—due in ten years 500,000 - Total liabilities 1,340,000 720,000 Shareholders’ equity Common stock, $5 par value 300,000 200,000 Additional paid-in-capital 1,200,000 1,160,000 Retained earnings 660,000 150,000 Total shareholders’ equity 2,160,000 1,510,000 Total liabilities & shareholders’ equity $3,500,000 $2,230,000

Explanation / Answer

Statement of Cash Flow Presented below are the consolidated financial statements

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