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Comparative balance sheet accounts of Sharpe Company are presented below.
Additional data:
1. Equipment that cost $10,000 and was 60% depreciated was sold in 2014.
2. Cash dividends were declared and paid during the year.
3. Common stock was issued in exchange for land.
4. Investments that cost $35,000 were sold during the year.
5. There were no write-offs of uncollectible accounts during the year
Sharpe's 2014 income statement is as follows.
Sales revenue
$950,000
Less: Cost of goods sold
600,000
Gross profit
350,000
Less: Operating expenses (includes depreciation expense and bad debt expense)
250,000
Income from operations
100,000
Other revenues and expenses
Gain on sale of investments
$15,000
Loss on sale of equipment
(3,000)
12,000
Income before taxes
112,000
Income taxes
45,000
Net income
$ 67,000
Instructions
(a) Compute net cash provided by operating activities under the direct method.
(b) Prepare a statement of cash flows using the indirect method.
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