question 20 king car selected data and additional information from the records of 244123

QUeStiOn 20 King Car, Selected data and additional information from the records of King Corp. are presented below. 2Ottt3tttlt] Balance Sheet Data Accounts receivable Inventories 312g,017′ S6,000 $1Sg, S0,000 :c=enstspZ:Ir 38,000 10,000 70,000 S,000 Equipment Accumulated depreciation 110,000 28,000 70,000 32,000 ‘C’onnt=t 100,000 300,000 200,000 200,000 Retained earnings 76,000 /0,000 Income Statement Data Net sales Cost of goods sold 32,200 700,000 Operating expenses (excluding depreciation expense) Net income (Includes depreciation expense and gain) 160,000 S6,000 Lain on sale of equipment 4,000 Additional information:

1. Equipment with a cost @0 ,30.000 and a book value of 318,000 was sold for $22,000 during 2010. 2. Common stock was issued to retire bonds payable during 2010. 3. The only it affecting retained earnings in 2010 were net income and dividends declared and paid.

Refer to King Corp. Prepare the operating activities section of a statement of cash flows for King Corp. for 2010 if the indirect method is used to determine net cash flow from operating activities

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