statement of cash flow fancy footwork 501182
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Financial data of Fancy Footwork Company for 2013 and 2012 are presented below. |
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FANCY FOOTWORK COMPANY |
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COMPARATIVE BALANCE SHEET |
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AS OF DECEMBER 31, 2013 AND 2012 |
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2013 |
2012 |
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Cash |
$ 260,000 |
$ 230,000 |
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Receivables |
$ 156,000 |
$ 120,000 |
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Inventory |
$ 180,000 |
$ 220,000 |
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Plant assets |
$ 160,000 |
$ 135,000 |
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Accumulated depreciation |
$ (80,000) |
$ (76,000) |
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Long-term investments (held-to-maturity) |
$ 80,000 |
$ 93,000 |
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$ 756,000 |
$ 722,000 |
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Accounts payable |
$ 135,000 |
$ 122,000 |
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Accrued liabilities |
$ 30,000 |
$ 33,100 |
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Bonds payable |
$ 135,000 |
$ 166,000 |
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Common stock |
$ 180,000 |
$ 165,000 |
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Retained earnings |
$ 276,000 |
$ 235,900 |
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$ 756,000 |
$ 722,000 |
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FANCY FOOTWORK COMPANY |
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INCOME STATEMENT |
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For the year ended Dec 31, 2013 |
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Sales |
750000 |
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Cost of Goods Sold |
530000 |
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Gross Margin |
220000 |
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Selling and administrative expenses |
106000 |
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Income from Operations |
114000 |
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Other revenues and gains |
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Gain on sale of investments |
7000 |
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Income before tax |
121000 |
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Income tax expense |
48400 |
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Net Income |
72600 |
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Additional information: |
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During the year, $9000 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $32500. |
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Required: |
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A) Prepare a statement of cash flows using the indirect method |
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B) Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) |
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