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a cash flow statement using the indirect method for a company with the following income and balance sheets.

Income Statement for 2019

Sales $100,000

Expenses

Cost of goods sold $40,000

Wages 5,000

Depreciation 7,000

Interest 500

Total Expenses $52,500

Income from continuing operations $47,500

Gain from sale of land 10,000

Pretax income 57,500

Provision for taxes 20,000

Net income $37,500

Common dividends declared $8,500

Balance Sheets for 2018 and 2019

2019 2018

Assets

Current assets

Cash $33,000 $9,000

Accounts receivable 10,000 9,000

Inventory 5,000 7,000

Total current assets $48,000 $25,000

Noncurrent assets

Land $35,000 $40,000

Gross plant and equipment 85,000 60,000

Less: Accumulated depreciation (16,000) (9,000)

Net plant and equipment $69,000 $51,000

Goodwill 10,000 10,000

Total assets $162,000 $126,000

2019 2018

Liabilities

Current liabilities

Accounts payable $9,000 $5,000

Wages payable 4,500 8,000

Interest payable 3,500 3,000

Taxes payable 5,000 4,000

Dividends payable 6,000 1,000

Total current liabilities $28,000 $21,000

Noncurrent liabilities

Bonds $15,000 $10,000

Deferred tax liability 20,000 15,000

Total liabilities $63,000 $46,000

Stockholders' equity

Common stock $40,000 $50,000

Retained earnings 59,000 30,000

Total equity $99,000 $80,000

Total liabilities & stockholders' equity $162,000 $126,000

Comment on the major sources and uses of cash for the company above

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