Refer to the Summit Furniture Company example (Table). Recalculate the cash and cash equivalents at the end of 2005 assuming that

(1) The company had 2005 capital expenditures of $22,000;

(2) It paid dividends of $800; and

(3) It did not issue any common stock.

Assume that Summit's other cash flows are the same as those shown in Table.

Summit Furniture Company Statement of Cash Flows for the

Year Ended December 31,2005

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Increase (Decrease) in Cash and Cash Equivalents (000) Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers and employees Interest received Interest paid (net of amount capitalized) Income taxes paid $ 142,000 (120,000) 600 (2.000) (6.000) Net cash provided (used) by operating activities $14,600 Cash Flows from Investing Activities: 1,000 (19.000) Proceeds from sale of asset Capital expenditures Net cash provided (used) by investing activities (18,000) Cash Flows from Financing Activities: Net borrowings under bank line-of-credit agreement Repayments of long-term debt Proceeds from issuance of long-term debt Proceeds from issuance of common stock Dividends paid 1,000 (2.600) 4,000 1,700 (500) Net cash provided (used) by financing activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year 200 S 5.200