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Shown below is selected information from the financial statements of Downing, Inc., a retail
store.
From
the
balance
sheet:
Cas
h
$
30,000
Acco
unts
receivabl
e
150,000
Inve
ntory
200,000
Plan
t assets
(net of
accumula
ted
depreciati
on)
500,000
Curr
ent
liabilities
150,000
Total
stockhold
ers’
equity
300,000
Total
assets
1,000,00
0
From
the
income
statemen
t:
Net
sales
$
1,500,00
0
Cost
of goods
sold
1,080,00
0
Oper
315,000

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ating
expenses
Inter
est
expense
84,000
Inco
me tax
expense
6,000
Net
income
15,000
From
the
statemen
t of cash
flows:
Net
cash
provided
by
operating
activities
(i
ncluding
interest
paid of
$79,000)
$
40,000
Net
cash
used in
investing
activities
(46,000
)
Fina
ncing
activities:
A
mounts
borrowed
$
50,000
Re
payment
of
amounts
borrowed
(14,000
)
Di
(20,000
)

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