Using the following information prepare the statement of cash flows for City F corporation ending December 31, 2004 2004 2003

Cash 160,000 40,000

Account rec 230,000. 160,000

inventory 230,780 290,780

Prepaid expense 0 30,000

Account payable 11,600 87,500

Notes payable 35,000 0

Income tax pay 0 54, 600

Additional information

Net Income 56,000

Depreciation expense 36,000

Equipment that cost 37,000 had accumulated depreciation of 35,000 sold at a gain of 20,600.
Purchased equipment 52,000
Patent amortization of 12,000
Purchased a new patent for 1,000
Repaid a note payable 70,000
Signed mortgage for 354,000
Issue a note payable for 75,000
Issued common stock for 200,000
Paid a cash dividend for 28,000

Exercise 18-15 sheffield appliance center is an experienced home appliance dealer. sheffield appliance center also offers a number of services for the home appliances that it sells. assume that sheffield appliance center sells ovens on a standalone basis. sheffield appliance center also sells installation services and maintenance services for ovens. however, sheffield appliance center does not offer installation or maintenance services to customers who buy ovens from other vendors. pricing for ovens is as follows. oven only $790 oven with installation service 850 oven with maintenance services 970 oven with installation and maintenance services 990 in each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $180. additionally, the incremental amount charged by sheffield appliance center for installation approximates the amount charged by independent third parties. ovens are sold subject to a general right of return. if a customer purchases an oven with installation and/or maintenance services, in the event sheffield appliance center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $790. assume that a customer purchases an oven with both installation and maintenance services for $990. (b) indicate the amount of revenue that should be allocated to the oven, the installation, and to the maintenance contract.