Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2012

Johnston Enterprises

Balance Sheet and Income Statement Data

December 31, December 31,

2012 2011___

Current Assets:

Cash $163,000 $119,000

Accounts Receivable 228,000 306,000

Inventory 391,000 340,000

Total Current Assets 782,000 765,000

Property, Plant, and Equipment 1,241,000 1,122,000

Less: Accumulated Depreciation (476,000) (442,000)

Total Assets $1,547,000 $1,445,000

Current Liabilities:

Accounts Payable $177,000 $102,000

Notes Payable 51,000 68,000

Income Tax Payable 85,000 76,500

Total Current Liabilities 313,000 246,500

Bonds Payable 350,000 391,000

Total Liabilities 663,000 637,500

Stockholders' Equity:

Common Stock 510,000 467,500

Retained Earnings 374,000 340,000

Total Stockholders' Equity 884,000 807,500

Total Liabilities & Stockholders' Equity $1,547,000 $1,445,000

Sales 1,615,000 $1,513,000

Less Cost of Goods Sold 731,000 731,000

Gross Profit 884,000 782,000

Expenses:

Depreciation Expense 153,000 136,000

Salary Expense 391,000 357,000

Interest Expense 34,000 34,000

Loss on Sale of Equipment 12,000 0

Income Before Taxes 294,000 255,000

Less Income Tax Expense 118,000 102,000

Net Income $176,000 $153,000

Additional Information:

During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.