Finance-Condensed financial statements for Dragoon

Enterprise follow.
Finance-Condensed financial statements for Dragoon Enterprise follow.

Question

4.9 Condensed financial statements for Dragoon

Enterprise follow

4.9 Condensed financial statements for Dragoon

Enterprise follow.

(a) Calculate
the amount of dividends Dragoon paid using the information given.

(b) Prepare a
statement of cash flows using the indirect method.

Dragoon
Enterprises Comparative Balance Sheets

December
31,2012 and 2011

2012 2011

Cash $1,200 $850

Accounts receivable
1,750 1,200

Inventory 1,250
1,360

Plant and equipment

4,600 3,900

Accumulated depreciation (1,200) (1,100)

1/3
Long-term investments 970 1,110

Total
assets 8,570
7,320

Accounts payable 1,100 800

Accrued wages payable 250 350

Interest payable 70 120

Income tax payable 200 50

Bonds payable 1,100 1,400

Capital stock 1,000 930

Paid-in capital 400 70

Retained earnings 4,450 3,600

Total liabilities and Equity $8,570 $7,320

Income
Statement for Year Ended December 31, 2012

Sales
$9,500

Cost of goods sold 6,650

Gross profit 2,850

Other expenses

Selling and administrative 1,200

Depreciation 100

Interest 150

Income tax 350

2/3
 Net income
$1,050

Finance-Condensed financial statements for Dragoon Enterprise follow.

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