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FRED SLEZAK CORPORATION
Statement of Cash Flows
For the Year Ending December 31, 20X5
Cash flows from operating activities:
			$ -
		$ -
		-
		-
		-
		-
		-
		-	-
			$ -
Cash flows from investing activities:
		$ -
			-
Cash flows from financing activities:
		$ -
		-
			-
Net increase in cash			$ -
Cash balance at January 1, 20X5			9,000
Cash balance at December 31, 20X5			$ -
	-----------------
Noncash investing/financing activities:
			$ -
	-----------------
Supplemental information:
			$ -
			-
	Fred Slezak presented the following comparative balance sheet: FRED SLEZAK CORPORATION Comparative Balance Sheet December 31, 20X5 and 20X4 Assets 20X5 20X4 Current assets Cash $ 664,000 $ 9,000 Accounts receivable 375,000 345,000 Inventories 150,000 160,000 Prepaid expenses 35,000 25,000 Total current assets $ 1,224,000 $ 539,000 Property, plant, & equipment Land $ 300,000 $ 400,000 Building 700,000 700,000 Equipment 530,000 450,000 $ 1,530,000 $ 1,550,000 Less: Accumulated depreciation (300,000) (270,000) Total property, plant, & equipment $ 1,230,000 $ 1,280,000 Total assets $ 2,454,000 $ 1,819,000 Liabilities Current liabilities Accounts payable $ 112,000 $ 119,000 Interest payable 2,000 - Total current liabilities $ 114,000 $ 119,000 Long-term liabilities Long-term note payable 80,000 - Total liabilities $ 194,000 $ 119,000 Stockholders' equity Common stock ($1 par) $ 700,000 $ 600,000 Paid-in capital in excess of par 800,000 400,000 Retained earnings 760,000 700,000 Total stockholders' equity $ 2,260,000 $ 1,700,000 Total liabilities and equity $ 2,454,000 $ 1,819,000 Additional information about transactions and events occurring in 20X5 follows: Dividends of $55,000 were declared and paid. Accounts payable and accounts receivable relate solely to purchases and sales of inventory. Prepaid items related only to advertising expenses. The decrease in land resulted from the sale of a parcel at a $45,000 loss. No land was purchased during the year. Equipment was purchased during the year in exchange for a promissory note payable. No equipment was sold. The increase in paid-in capital resulted from issuing additional shares for cash. The income statement for the year ending December 31, 20X5, included the following key amounts: Sales $ 2,000,000 Cost of goods sold 1,200,000 Salaries expense 400,000 Advertising expense 150,000 Depreciation expense 30,000 Utilities expense 15,000 Interest expense 5,000 Loss on sale of land 45,000 Income tax expense 40,000 Net income 115,000 Prepare Fred Slezak's statement of cash flows for the year ending 20X5. Use the indirect approach, and include required supplemental information about cash paid for interest and taxes.

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