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Q1. The comparative balance sheet of Henz Inc. for December 31, 20Y4 and 20Y3, is as...

Q1. The comparative balance sheet of Henz Inc. for December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3 Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 661,920 $ 683,100 Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 992,640 914,400 Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,394,400 1,363,800 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 432,000 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 960,000 0 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,224,000 984,000 Accumulated depreciation—equipment . . . . . . . . . . . . . . . . . . . . . (481,500) (368,400) Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,751,460 $4,008,900 Liabilities and Stockholders’ Equity Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,080,000 $ 966,600 Accrued expenses payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,800 79,200 Dividends payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,800 91,200 Common stock, $5 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000 30,000 Paid-in capital: Excess of issue price over par—common stock . . . . . 950,000 450,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,422,860 2,391,900 Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . $4,751,460 $4,008,900 The income statement for the year ended December 31, 20Y4, is as follows: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,512,000 Cost of merchandise sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,352,000 Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,160,000 Operating expenses: Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 113,100 Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,344,840 Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,457,940 Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 702,060 Other income: Gain on sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156,000 Income before income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 858,060 Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,100 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 558,960 Additional data obtained from an examination of the accounts in the ledger for 20Y4 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $588,000 cash. d. The common stock was issued for cash. e. There was a $528,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities.

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