190 Condensed financial data of Popler Company appear below:

Ex. 190

Condensed financial data of Popler Company appear below:

POPLER COMPANY

Comparative Balance Sheet

December 31

                                                                                                                2010                2009   

Assets

Cash                                                                                                      $ 61,000           $ 35,000

Accounts receivable                                                                                   75,000               53,000

Inventories                                                                                               120,000             132,000

Prepaid expenses                                                                                       19,000               25,000

Investments                                                                                              100,000               75,000

Plant assets                                                                                              325,000             250,000

Accumulated depreciation                                                                      (65,000)            (60,000)

        Total                                                                                             $635,000           $510,000

Liabilities and Stockholders' Equity

Accounts payable                                                                                  $ 93,000           $ 75,000

Accrued expenses payable                                                                         29,000               24,000

Bonds payable                                                                                         120,000             160,000

Common stock                                                                                        275,000             170,000

Retained earnings                                                                                   118,000              81,000

        Total                                                                                             $635,000           $510,000

POPLER COMPANY

Income Statement

For the Year Ended December 31, 2010

Sales                                                                                                      $470,000

Less:

        Cost of goods sold                                                                       $300,000

        Operating expenses (excluding depreciation)                                   60,000

        Depreciation expense                                                                        17,000

        Income taxes                                                                                     20,000

        Interest expense                                                                                18,000

        Loss on sale of plant assets                                                               3,000            418,000

Net income                                                                                                                       $ 52,000

Additional information:

1.  New plant assets costing $100,000 were purchased for cash in 2010.

2.  Old plant assets costing $25,000 were sold for $10,000 cash when book value was $13,000.

3.  Bonds with a face value of $40,000 were converted into $40,000 of common stock.

4.  A cash dividend of $15,000 was declared and paid during the year.

5.  Accounts payable pertain to merchandise purchases.

Instructions

Prepare a statement of cash flows for the year using the direct method.

Cash flows from operating activitiesCash reciept from customerLess : Cash PaymentTo SupplierFor Income TaxesFor Operating ExpensesFor Interest POPLER COMPANYStatement of Cash Flowsfor the...