Exercise 4: Emerald, Inc. had the follwing information at December 31,2010. Emerald, Inc. Balance Sheet...
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Exercise 4: Emerald, Inc. had the follwing information at December 31,2010. Emerald, Inc. Balance Sheet (in thousands) December 31,2010 and 2009 Liabilities Assets 2010 2009 Cash Accounts receivable Inventory Prepaid advertisement Land $150 $200 Accounts payable $275 $300 2010 2009 300 150 Salary payable 500 250 Notes payable 25 800 50 650 25 1,000 1000 Owners' Equity Common stock 100 85 Retained earnings 800 Total Assets $ 2,000 $ 1625 Total L. & OF $2,000 1625 Emerald, Inc. Income Statement (in thousands) Year ended December 31,2010 Sales Cost of goods sold Gross profit Salary expenses Interest expenses Other expenses Income tax expenses Net income $ 2.500 1300 $1,200 500 70 295 75 $ 260 Requirement: Using the indirect method, prepare the statement of cash flows for Emerald, Inc. for the year 2010
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