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Condensed financial data of Minnie Hooper Company are shown below

Accounting

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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.