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Group B Melba Moncayo and Jonathan Montoya formed a partnership. They have provided the following financial statements and additional information for you to: (1) prepare a complete statement of cash flows for the year ended December 31, 2015. The cash provided or used by operating activities should be reported using the direct method.
Moncayo and Montoya Company Balance Sheets At December 31
2015
2014
Assets:
Cash
$85,600
$65,200
Accounts receivable, net
72,850
56,750
Merchandise inventory
157,750
144,850
Prepaid expenses
6,080
12,680
Equipment
280,600
245,600
Accumulated depreciation-Equipment
(80,600)
(97,600)
Total assets
$522,280
$427,480
Liabilities:
Accounts payable
$52,850
$45,450
Income taxes payable
15,240
12,240
Notes payable (long term)
59,200
79,200
Total liabilities
$127,290
$136,890
Equity:
Common stock
200,000
150,000
Paid-in capital in excess of par
53,000
40,000
Retained earnings
141,990
100,590
Total equity
$394,990
$290,590
Total liabilities and equity
Moncayo and Montoya Company Income Statement For Year Ended December 31, 2015
Sales
$488,000
Cost of goods sold
$212,540
Depreciation expense
43,000
Other operating expenses
106,260
Interest expense
6,400
(368,200)
Other gains (losses):
Gain on sale of equipment
4,700
Income before taxes
124,500
Income taxes expense
41,100
Net income
$83,400
Additional Information
a. A $20,000 note payable is retired at its carrying value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $120,000 cash. d. Received cash for the sale of equipment that had cost $85,000, yielding a gain of $4,700. e. Prepaid expenses relate to Other Expenses on the income statement. f. All purchases and sales of merchandise inventory are on credit.
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