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Sealy Company (income statement) For year ended March 31,2010 Sales: $363,000 expenses: cost of...

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Accounting

Sealy Company (income statement) For year ended March 31,2010

Sales: $363,000

expenses:

cost of goods sold $248,000

salaries 65,250

rent 6,000

depretiation 17,000

other operating expenses 15,000 351,250

Net income $11,750

Sealy Company (balance sheet) For year ended March 31,2010, and 2009

2010 2009

current assets

cash $49,000 $16,000

accounts receivable 46,000 28,000

inventory 130,000 135,000

Pepaid rent 14,000 0

Total current assets $239,000 $179,000

Long term assets:

equipment 158,000 148,000

Accumulated depreciation 98,500 81,500

Total long term assets 59,500 66,500

Total assets $298,500 $245,500

current liabilities

accounts payable 38,000 25,000

salaries payable 15,000 5,500

accured liabilities(operating expenses) 17,500 4,000

Notes payable 45,000 0

Total current liabilities $115,500 $34,500

Long term liabilities

notes payable 0 35,000

Total liabilities 115,500 69,500

Owners equity

Sealy, capital 183,000 176,000

Total liabilities and owners equity $298,500 ---------------------------$245,500

Question: Prepare Sealy's statement of cashflows using the indirect method.

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