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Use the following statements of Emily Falk to answer questions on the Cash Flow Statement...

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Accounting

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Use the following statements of Emily Falk to answer questions on the Cash Flow Statement questions. Emil Falk, Inc. Balance Sheet and Income Statement for the year 2014 2014 $100,000 50,000 50,000 150,000 2013 30,000 150,000 Net Receivables. Long-term Investments (see note Net Plant a et.(see note b) 200,000 Bonds Payable due 2051 Common stock and PlCsee note c) Retained eamings (see note d) $200,000$100,000 300,000 50,000 300,000 75,000 The income statement for 2010 is as follows: 1,000,000 Sales (all credit sales) Cost of Goods Sold Gross Profit Operating Expenses (not including depreciation) Depreciation 500,000 - 250,000 - 50,000 Net income Notes: a. Investments that cost $30,000 were sold for $50,000 resulting in a $20,000 gain. b. Plant assets of $230,000 were purchased with cash. c. $25,000 of Common Stock was issued for cash. d. Dividends of $145,000 were declared and paid during the period

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