Below is the income statement and balance sheet of Closely Held Corporation. From this information, prepare a statement of cash flows for the year ended September 30, 2005

 

	2004	2005	(Decrease)
Assets
Current Assets
Cash and equivalents	10,000	10,240	240
Accounts receivable	40,000	48,640	8,640	Operating
Inventories	39,500	56,627	17,127	Operating
Prepaid expenses	10,000	11,000	1,000	Operating
Total Current Assets	99,500	126,507	27,007	Operating
Property, plant, and equipment	390,000	411,000	21,000	Investing
Accumulated depreciation	-233,000	-250,000	-17,000	Investing
P, P & E net	157,000	161,000	4,000
Other Assets, net amortization	27,000	26,000	-1,000	Operating
Total assets	283,500	313,507	30,007
Liabilities and Shareholders' Equity
Current Liabilities
Current portion of long-term debt	12,000	13,000	1,000	Operating
Notes payable	30,000	31,000	1,000	Operating
Accounts payable	39,500	42,450	2,950	Operating
Accrued liabilities	21,569	18,000	-3,569	Operating
Income taxes payable	8,900	9,500	600	Operating
Total Current Liabilities	111,969	113,950	1,981	Operating
Long-term debt	87,000	99,000	12,000	Financing
Non-current deferred income	10,000	9,970	-30	Operating
Other non-current liabilities	4,340	5,000	660	Operating
Shareholders' Equity
Common stock - Class A	3,000	3,500	500	Financing
Capital in excess of par	21,000	26,000	5,000	Financing
Retained earnings	46,191	56,087	9,896	Financing
Total Shareholders' Equity	70,191	85,587	15,396
Total liabilities and equity	283,500	313,507	30,007
	Closely Held Corporation
	Income Statement
	For the year ended September 30, (in thousands)
	2004	2005
Revenues	$500,000	$512,000
Cost of Sales	395,000	404,480
Gross margin	105,000	107,520
Selling and administrative	60,000	61,440
Income before interest and taxes	45,000	46,080
Interest expenses	9,900	12,320
Income before income taxes	35,100	33,760
Income tax	12,812	12,322
Net income	$22,288	$21,438