condensed financial data of lemere inc follow 535408
Condensed financial data of Lemere Inc. follow.
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condensed financial data of lemere inc follow 535408
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LEMERE INC. |
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Assets |
2012 |
2011 |
|
Cash |
$ 80,800 |
$ 48,400 |
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Accounts receivable |
87,800 |
38,000 |
|
Inventory |
112,500 |
102,850 |
|
Prepaid expenses |
28,400 |
26,000 |
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Long-term investments |
138,000 |
109,000 |
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Plant assets |
285,000 |
242,500 |
|
Accumulated depreciation |
(50,000) |
(52,000) |
|
Total |
$682,500 |
$514,750 |
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Liabilities and Stockholders” Equity |
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Accounts payable |
$102,000 |
$ 67,300 |
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Accrued expenses payable |
16,500 |
21,000 |
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Bonds payable |
110,000 |
146,000 |
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Common stock |
220,000 |
175,000 |
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Retained earnings |
234,000 |
105,450 |
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Total |
$682,500 |
$514,750 |
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LEMERE INC. |
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Sales |
$388,460 |
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|
Less: |
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Cost of goods sold |
$135,460 |
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Operating expenses, excluding |
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depreciation |
12,410 |
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Depreciation expense |
46,500 |
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Income taxes |
27,280 |
|
|
Interest expense |
4,730 |
|
|
Loss on sale of plant assets |
7,500 |
233,880 |
|
Net income |
$154,580 |
|
Additional information:
1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $26,030 was declared and paid during the year.
Instructions
Prepare a statement of cash flows using the indirect method.
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