Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES...

    

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Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Service revenue Total revenue Operating expenses: Cost of goods sold. Selling General and administrative Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income $ 14,650 3,800 7,400 2,600 1,700 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Plant and equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred service revenue $18,450 11,700 6,750 220 6,530 2,700 $ 3,830 Income taxes payable Loan payable (due 12/31/2020) Common stock Retained earnings Total liabilities and shareholders' equity Dec. 31, 2018 $ 7,550 2,900 4,400 170 14,900 (5,300) $24,620 $ 1,800 120 840 570 Dec. 31, 2017 $ 2,380 2,400 3,200 340 12,400 (4,700) $16,020 $ 1,300 0 620 840 0 5,400 10,200 10,200 5,690 3,060 $24,620 $16,020 Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Service revenue Total revenue Operating expenses: Cost of goods sold. Selling General and administrative Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income $ 14,650 3,800 7,400 2,600 1,700 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Plant and equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred service revenue $18,450 11,700 6,750 220 6,530 2,700 $ 3,830 Income taxes payable Loan payable (due 12/31/2020) Common stock Retained earnings Total liabilities and shareholders' equity Dec. 31, 2018 $ 7,550 2,900 4,400 170 14,900 (5,300) $24,620 $ 1,800 120 840 570 Dec. 31, 2017 $ 2,380 2,400 3,200 340 12,400 (4,700) $16,020 $ 1,300 0 620 840 0 5,400 10,200 10,200 5,690 3,060 $24,620 $16,020 Additional information for the 2018 fiscal year ($ in thousands): 1. Cash dividends of $1,200 were declared and paid. 2. Equipment costing $4,400 was purchased with cash. 3. Equipment with a book value of $700 (cost of $1,900 less accumulated depreciation of $1,200) was sold for $700. 4. Depreciation of $1,800 is included in operating expenses. Required: Prepare Santana Industries 2018 statement of cash flows, using the indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2018 ($ in thousands) S S 0 0 0 0 0 Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Service revenue Total revenue Operating expenses: Cost of goods sold. Selling General and administrative Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income $ 14,650 3,800 7,400 2,600 1,700 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Plant and equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred service revenue $18,450 11,700 6,750 220 6,530 2,700 $ 3,830 Income taxes payable Loan payable (due 12/31/2020) Common stock Retained earnings Total liabilities and shareholders' equity Dec. 31, 2018 $ 7,550 2,900 4,400 170 14,900 (5,300) $24,620 $ 1,800 120 840 570 Dec. 31, 2017 $ 2,380 2,400 3,200 340 12,400 (4,700) $16,020 $ 1,300 0 620 840 0 5,400 10,200 10,200 5,690 3,060 $24,620 $16,020 Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Service revenue Total revenue Operating expenses: Cost of goods sold. Selling General and administrative Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income $ 14,650 3,800 7,400 2,600 1,700 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Plant and equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred service revenue $18,450 11,700 6,750 220 6,530 2,700 $ 3,830 Income taxes payable Loan payable (due 12/31/2020) Common stock Retained earnings Total liabilities and shareholders' equity Dec. 31, 2018 $ 7,550 2,900 4,400 170 14,900 (5,300) $24,620 $ 1,800 120 840 570 Dec. 31, 2017 $ 2,380 2,400 3,200 340 12,400 (4,700) $16,020 $ 1,300 0 620 840 0 5,400 10,200 10,200 5,690 3,060 $24,620 $16,020 Additional information for the 2018 fiscal year ($ in thousands): 1. Cash dividends of $1,200 were declared and paid. 2. Equipment costing $4,400 was purchased with cash. 3. Equipment with a book value of $700 (cost of $1,900 less accumulated depreciation of $1,200) was sold for $700. 4. Depreciation of $1,800 is included in operating expenses. Required: Prepare Santana Industries 2018 statement of cash flows, using the indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2018 ($ in thousands) S S 0 0 0 0 0

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Santana Industries Statement of Cash Flows For the Year ended December 31 2021 Particulars Details Amount Cash Flow from Operating Activities Net Inco... View the full answer