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The comparative balance sheets for 2011 and 2010 and the statement of income for 2011 are given below for Metagrobolize Industries. Additional...

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METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2011 and 2010 ($ in 000s) $2,011.00 $2,010.00 Assets Cash $525.00 $375.00 Accounts receivable $685.00 $465.00 Inventory $840.00 $520.00 Land $695.00 $615.00 Building $950.00 $950.00 Less: Accumulated depreciation -$317.00 -$285.00 Equipment $2,870.00 $2,250.00 Less: Accumulated depreciation -$534.00 -$480.00 Patent $1,200.00 $1,500.00 $6,914.00 $5,910.00 Liabilities Accounts payable $750.00 $450.00 $300.00 $225.00 Lease liability—land $150.00 $0.00 Shareholders’ Equity $3,150.00 $3,000.00 Paid-in capital—excess of par $765.00 $675.00 Retained earnings $1,799.00 $1,560.00 $6,914.00 $5,910.00 METAGROBOLIZE INDUSTRIES Income Statement For Year Ended December 31, 2011 ($ in 000s) Revenues $2,595.00 $90.00 $2,685.00 $589.00 $32.00 $315.00 $15.00 $300.00 $500.00 $1,751.00 $934.00 Additional information from the accounting records: a. During 2011, equipment with a cost of $290,000 (90% depreciated) was sold. b. The statement of retained earnings reveals reductions of $240,000 and $455,000 for stock dividends and cash dividends, respectively. Required: The comparative balance sheets for 2011 and 2010 and the statement of income for 2011 are given below for Metagrobolize Industries. Additional information from Metagrobolize's accounting records is provided also. Accrued expenses payable Common stock Sales revenue Gain on sale of land Expenses Cost of goods sold Depreciation expense—building Depreciation expense—equipment Loss on sale of equipment Amortization of patent Operating expenses Net income Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2011. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from operating activities.) (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)
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