From the income statement and balance sheet of closely held

Question

Question - Below is the income statement and balance sheet of Closely Held Corporation. From this information prepare a statement of cash flows for the year ended September 30, 2005.

Income Statement for year ended September 30, (in thousands)
	2004	2005
Revenues	$500,000	$512,000
Cost of Sales	(395,000)	(404,480)
Gross Margin	105,000	107,520
Selling and Administrative	(60,000)	(61,440)
Income before interest and taxes	45,000	46,080
Interest expense	(9,900)	(12,320)
Income before income taxes	35,100	33,760
Income tax	(12,812)	(12,322)
Net income	$ 22,289	$ 21,438

 

Balance Sheet as of September 30, (in thousands)
	2004	2005	Change
Assets
Current Assets
Cash and equivalents	$ 10,000	$ 10,240	$ 240
Accounts receivable	40,000	48,640	8,640
Inventories	39,500	56,627	17,127
Prepaid expenses	10,000	11,000	1,000
Total Current Assets	99,500	126,507	27,007
Property, plant, and equipment	390,000	411,000	21,000
Accumulated depreciation	(233,000)	(250,000)	(17,000)
P, P & E net	157,000	161,000	4,000
Other Assets, net amortization	27,000	26,000	(1,000)
Total Assets	$283,500	$313,507	$ 30,007
Liabilities and Shareholders' Equity
Current Liabilities
Current portion of long-term debt	$ 12,000	$ 13,000	$ 1,000
Notes payable	30,000	31,000	1,000
Accounts payable	39,500	42,450	2,950
Accrued liabilities	21,569	18,000	(3,569)
Income taxes payable	8,900	9,500	600
Total Current Liabilities	111,969	113,950	1,981
Long-term debt	87,000	99,000	12,000
Non-current deferred income tax	10,000	9,070	(30)
Other non-current liabilities	4,340	5,000	660
Shareholders' Equity
Common stock - Class A	3,000	3,500	500
Capital in excess of par	21,000	26,000	5,000
Retained earnings	46,191	56,087	9,896
Total Shareholders' Equity	70,191	85,587	15,396
Total Liabilities and Equity	$283,500	$313,507	$ 30,007