Ex. 190Condensed financial data of Popler Company appear below:POPLER COMPANYComparative Balance She

Ex. 190Condensed financial data of Popler Company appear below:POPLER COMPANYComparative Balance SheetDecember 31 2010 2009 AssetsCash $ 61,000 $ 35,000Accounts receivable 75,000 53,000Inventories 120,000 132,000Prepaid expenses 19,000 25,000Investments 100,000 75,000Plant assets 325,000 250,000Accumulated depreciation (65,000) (60,000) Total $635,000 $510,000Liabilities and Stockholders’ EquityAccounts payable $ 93,000 $ 75,000Accrued expenses payable 29,000 24,000Bonds payable 120,000 160,000Common stock 275,000 170,000Retained earnings 118,000 81,000 Total $635,000 $510,000POPLER COMPANYIncome StatementFor the Year Ended December 31, 2010Sales $470,000Less: 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 3,000 418,000Net income $ 52,000Additional 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.InstructionsPrepare a statement of cash flows for the year using the direct method.

 

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