Jane Bahr, a controller of Endicott & Thurston, prepared the
Jane Bahr, a controller of Endicott & Thurston, prepared the following balance sheets at the end of 2009 and 2008:,Additional information:,a. Computing equipment with a cost of $250,000 and accumulated depreciation of $230,000 was sold for $5,000. New computing equipment was purchased for $376,000.,b. New office furniture was purchased at a cost of $35,000.,c. Depreciation expense for 2009 was $42,000.,d. Investments costing $20,000 were sold for cash at a loss of $2,000. Additional investments were purchased for $31,000 cash.,e. A $25,000 principal payment on the long-term note was made during 2009.,f. A portion of the cash needed to purchase computing equipment was secured by issuing bonds payable for $140,000 cash.,g. Net income was $70,000 and dividends were $38,000.,Required:,1. Using a spreadsheet, prepare a statement of cash flows for 2009. Assume Endicott & Thurston use the indirect method.,2. Discuss whether Endicott & Thurston appear to have matched the timing of inflows and outflows ofcash.
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