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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, 2010 johnston enterprises balance sheet and income statement data december 31, 2010 december 31, 2009 current assets: cash $153,000 $119,000 accounts receivable 238,000 306,000 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 $187,000 $102,000 notes payable 51,000 68,000 income tax payable 85,000 76,500 total current liabilities 323,000 246,500 bonds payable 340,000 391,000 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 17,000 0 income before taxes 289,000 255,000 less income tax expense 119,000 102,000 net income $170,000 $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


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