The company reported net income for 2013 of $80,000

The company reported net income for 2013 of $80,000. No property, plant & equipment was disposed of during the year. Smith paid ,000 in cash dividends during 2013. Smith uses the indirect method to prepare the statement of cash flows.Required: Prepare and explain Smith’s Statement of Cash Flows for 2013Account 2013 2012Cash $ 60,000 $ 56,000Accounts Receivable 96,000 100,000Inventory 316,000 312,000Prepaid Insurance 20,000 16,000Property, Plant & Equipment 140,000 120,000Accumulated Depreciation (28,000) (20,000)Total $ 604,000 $ 584,000Accounts Payable $ 28,000 $ 36,000Bonds Payable 180,000 240,000Common Stock 280,000 240,000Retained Earnings 116,000 68,000Total $ 604,000 $ 584,000

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