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Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42 Retained earnings 321 161 Total liabilities & stockholders equity $539 $402 Income Statement Sales $1.222 Cost of Goods Sold Gross profit Selling &Administrative 808) 414 (115) Expen Net operating income Gain on sale of equipment 7 Income before taxes 306 3214

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Cash dividends were paid. The company sold equipment for $14 that was originally purchased for $8 and that had accumulated depreciation of $1. It did not issue any bonds payable or repurchase any of its own common stock.

The net change in cash and cash equivalents was:

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The Net Change in cash and cash equivalent was $(2) Gorman Corporation cash flow statement Cash flows from Operating Activities: Net Income Adjustments to reconcile Net Income to Net Cash Provided by Operating activities Depreciation expenses Gain on sale of Equipment Changes in Current operating assets and liabilities Increase in Accounts Receivables Increase in Inventory Decrease in Accounts payable Decrease in Accured Liabilities Decrease in Income Taxes payable Net Cash flow from operating activities Cash Flows from Investing Activities Sale of Equipment Purchase of Equipment Net Cash flow uesd Investing activities Cash Flows from Financing Activities Repayment of Bonds Payable Issuance of Common Stock Dividends paid Net Cash flow from Financing activities Net Increase (Decrease) in Cash Cash and Cash Equivalent at Beginning Cash and Cash Equivalent at Endin 214 13 7) 207 14 151 (137) (20) 54) 29 27Working Notes: Dividends paid Particulars Openi Add: Net Income Amount (S g Balance of Retained Earnings 161 214 375 321 54 Less: Closing balance of Reatined Earnings Dividends paid Purchase of plant and Equipment Particulars closing balance of Plant and Equipment Less: Opening balance of plant and equipment Less: sale of equipment at cost Purchase of Equipment Amount Amount 633 490 482 151 Beginning cash and Cash equivalents $23+S6 $29 Ending cash and cash equivalents S22+$5 S

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