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Comparative financial statement data for Carmono Company follow: ...

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Accounting

Comparative financial statement data for Carmono Company follow:

This Year Last Year
Assets
Cash $ 9.00 $ 17.00
Accounts receivable 56.00 49.00
Inventory 100.00 87.00
Total current assets 165.00 153.00
Property, plant, and equipment 240.00 200.00
Less accumulated depreciation 48.00 36.00
Net property, plant, and equipment 192.00 164.00
Total assets $ 357.00 $ 317.00
Liabilities and Stockholders Equity
Accounts payable $ 60.00 $ 49.00
Common stock 130.00 100.00
Retained earnings 167.00 168.00
Total liabilities and stockholders equity $ 357.00 $ 317.00

For this year, the company reported net income as follows:

Sales $ 1,000.00
Cost of goods sold 600.00
Gross margin 400.00
Selling and administrative expenses 380.00
Net income $ 20.00

This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year.

Required:

1. Using the indirect method, prepare a statement of cash flows for this year.

2. Compute Carmonos free cash flow for this year.

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