Below Is the Income Statement and Balance Sheet of Closely $\text {Income Statement for year ended September 30 , (in thousands)}$

question 52

Essay

Below is the income statement and balance sheet of Closely Held Corporation. From this information prepare a statement of cash flows for the year ended September 30, 2005. $\text {Income Statement for year ended September 30 , (in thousands)}$
$\begin{array}{lrr}&2004&2005\\\text { Revenues } & \$ 500,000 & \$ 512,000 \\\text { Cost of sales } & (395,000) & (404,480) \\\text { Gross margin } & 105,000 & 107,520 \\\text { Selling and administrative } & (60,000) & (61,440) \\\text { Income before interest and taxes } & 45,000 & 46,080 \\\text { Interest expense } & (9,900) & (12,320) \\\text { Income before income taxes } & 35,100 & 33,760 \\\text { Income tax } & (12,812) & (12,322) \\\text { Net income } & \$ 22,288 & \$ 21,438\end{array}$

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