Bogus Inc. Dec. 31, Year 2 Dec. 31, Year 1 ASSETS…
Bogus Inc. Dec. 31, Year 2 Dec. 31, Year 1 ASSETS Current assets: Cash and cash equivalents $103,069 $72,634 Accounts receivables, net 55,947 75,492 Inventories 50,784 53,129 Prepaid expenses 12,112 13,057 Total current assets 221,912 214,312 Equipment 145,444 134,312 Less: Accumulated depreciation 50,515 36,689 Total assets $316,841 $311,935 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $25,466 $34,879 Accrued liabilities 46,074 40,548 Total current liabilities 71,540 75,427 Long-term debt 15,922 10,206 Stockholders’ equity: Contributed capital 1,662 1,458 Retained earnings 227,717 224,844 Total stockholders’ equity 229,379 226,302 Total liabilities and stockholders’ equity $316,841 $311,935 Income Statement Year 2 Net sales $150,346 Cost of sales 74,040 Gross profit 76,306 Operating expenses: Selling, general & administrative expenses 33,211 Depreciation expense 13,826 Total operating expenses 47,037 Operating income 29,269 Interest income 239 Income before income taxes 29,508 Income tax expense 3,621 Net income $25,887 The company did not sell any equipment or repay any borrowings during the year ended December 31, Year 2. The company declared and paid some dividends during the year ended December 31, Year 2. Using the information provided above, prepare a statement of cash flows for Year2 for Bogus Inc. in good form using the indirect method. You can upload an Excel solution but please be sure it is in Sheet1 of your workbook.