SHOW ALL WORK Mary Kay Cosmetics Selected data and additional information

| September 28, 2018

SHOW ALL WORKMary Kay CosmeticsSelected data and additional information from the companys records are presented below:Balance Sheet Data 20X1 20XXCash $235,000 246,000Accounts receivable $120,000 $150,000Inventories 56,000 50,000Accounts payable 38,000 70,000Salaries payable 10,000 5,000Equipment 110,000 70,000Accumulated depreciation 28,000 32,000Bonds payable 100,000 200,000Common stock 300,000 200,000Retained earnings 76,000 40,000Income Statement Data 20X1Net sales $920,000Cost of goods sold 700,000Operating expenses (excluding depreciation expense) 160,000Net income (Includes depreciation expense and gain) 56,000Gain on sale of equipment 4,000Additional information:Equipment with a cost of $30,000 and a book value of $18,000 was sold for $22,000 during 20X1.Common stock was issued to retire bonds payable during 20X1.The only items affecting retained earnings in 20X1 were net income and dividends declared and paid.1. Prepare the companys statement of cash flows for the year ended December 31, 20X1. Use the indirect method of determining net cash flows from operating activities.

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