Balance sheets and income statement for kinder care company

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Reference no: EM131067348

Below are the balance sheets and income statement for Kinder Care Company. Please prepare the statement of cash flows for 2015 on both the indirect and direct bases

Kinder Care Company
Balance Sheet
	December 31
	2015	2014
Cash	135,900	111,200
Accounts receivable (net)	38,300	20,300
Inventory	35,000	26,000
Long-term investments	-	20,000
Property, plant & equipment	216,500	150,000
Accumulated depreciation	(57,700)	(25,000)
	368,000	302,500

Accounts payable	17,000	35,500
Accrued liabilities	21,000	27,000
Long-term notes payable	70,000	50,000
Common stock	185,000	145,000
Retained earnings	75,000	45,000
	368,000	302,500

Sales Revenue........................................................		$ 512,000
Cost of goods sold................................................		291,000
Gross margin .......................		221,000
Operating expenses................................................		91,500
Pre-tax operating income		129,500
Gain on sale of investments		15,000
Pre-tax income		144,500
Tax		42,000
Net income...............................................................		$ 102,500

Additional data:
1	Depreciation on plant assets for the year, $32,700.
2	Sold the long-term investments for $35,000.
3	Purchased machinery costing $66,500, issued note for $20,000 and paid remainder in cash.
4	Paid a $40,000 long-term note payable by issuing common stock.
5	Issued additional long-term notes payable during the year.

Reference no: EM131067348

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