task

Project Description:

exercise 23-12
condensed financial data of fairchild company for 2012 and 2011 are presented below.

fairchild company
comparative balance sheet
as of december 31, 2012 and 2011

2012

2011
cash
$1,803

$1,109

receivables
1,752

1,300

inventory
1,594

1,902

plant assets
1,900

1,705

accumulated depreciation
(1,210

)

(1,169

)
long-term investments (held-to-maturity)
1,305

1,478


$7,144

$6,325


accounts payable
$1,208

$787

accrued liabilities
217

235

bonds payable
1,402

1,648

common stock
1,898

1,702

retained earnings
2,419

1,953


$7,144

$6,325


fairchild company
income statement
for the year ended december 31, 2012
sales
$6,804
cost of goods sold
4,691
gross margin
2,113
selling and administrative expenses
936
income from operations
1,177
other revenues and gains
gain on sale of investments
94
income before tax
1,271
income tax expense
540
net income
$731

additional information:

during the year, $71 of common stock was issued in exchange for plant assets. no plant assets were sold in 2012. cash dividends were $265.

prepare a statement of cash flows using the direct method. (if an amount reduces the account balance then enter with negative sign.)
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