Prepare a statement of cash flows using the indirect method.

Condensed financial data of Minnie Hooper Company are shown below.

 

Minnie Hooper Company Comparative Balance Sheets December 31

Assets 2014 2013

  

Cash $ 93,600 $ 33,400

Accounts receivable 63,200 37,000

Inventory 124,500 102,650

Investments 79,500 107,000

Plant assets 318,000 205,000

Accumulated depreciation (44,000) (40,000)

 

Total $634,800 $445,050

 

 

 

 

Liabilities and Stockholders’ Equity

 
Accounts payable   $ 56,600   $ 48,280
Accrued expenses payable   15,100   18,830
Bonds payable   140,000   70,000
Common stock   250,000   200,000
Retained earnings   173,100   107,940
Total   $634,800   $445,050

 

 

 

Minnie Hooper Company Income Statement

For the Year Ended December 31, 2014

 

Sales revenue     $297,500
Less:      
Cost of goods sold $99,460    
Operating expenses, excluding      
depreciation expense 19,670    
Depreciation expense 25,000    
Loss on disposal of plant assets 5,000    
Income taxes 37,270    
Interest expense 2,940   189,340
Net income     $108,160

 

Additional information:

1. New plant assets costing $149,000 were purchased for cash during the year.

2. Investments were sold at cost.

3. Plant assets costing $36,000 were sold for $10,000, resulting in a loss of $5,000.

4. A cash dividend of $43,000 was declared and paid during the year.

Instructions

Prepare a statement of cash flows using the indirect method.

find the cost of your paper

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