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Homework answers / question archive / Condensed financial data of Minnie Hooper Company are shown below
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 $445,050
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Liabilities and Stockholders’ Equity |
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|||
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Accounts payable |
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$ 56,600 |
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$ 48,280 |
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Accrued expenses payable |
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15,100 |
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18,830 |
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Bonds payable |
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140,000 |
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70,000 |
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Common stock |
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250,000 |
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200,000 |
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Retained earnings |
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173,100 |
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107,940 |
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Total |
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$634,800 |
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$445,050 |
Minnie Hooper Company Income Statement
For the Year Ended December 31, 2014
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Sales revenue |
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$297,500 |
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Less: |
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|
|
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Cost of goods sold |
$99,460 |
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Operating expenses, excluding |
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|
|
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depreciation expense |
19,670 |
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Depreciation expense |
25,000 |
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Loss on disposal of plant assets |
5,000 |
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|
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Income taxes |
37,270 |
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|
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Interest expense |
2,940 |
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189,340 |
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Net income |
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$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.
