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Yamile Romero and Maria Rodriguez formed a partnership. They provided the following information for their Company and request you to prepare:
(1) Prepare a complete statement of cash flows for calendar-year 2015 using the indirect method.
Romero and Rodriguez CompanyBalance SheetsAt December 31
2015
2014
Assets:
Cash
$29,568
$27,648
Accounts receivable
38,616
35,280
Merchandise inventory
87,750
74,052
Long-term investments
67,080
67,680
Machinery
210,600
174,600
Accumulated depreciation
(40,260)
(37,440)
Total assets
$393,354
$341,820
Liabilities:
Accounts payable
$78,000
$48,456
Income taxes payable
12,870
12,240
Bonds payable
58,500
79,200
Total liabilities
$149,370
$139,896
Equity:
Common stock
140,400
115,200
Paid-in capital in excess of par
15,600
10,800
Retained earnings
87,984
75,924
Total equity
$243,984
$201,924
Total liabilities and equity
Romero and Rodriguez CompanyIncome StatementFor Year Ended December 31, 2015
Sales
$288,000
Cost of goods sold
$97,080
Depreciation expense
Other operating expenses
57,600
Interest expense
2,400
(192,360)
Other gains (losses):
Loss on sale of equipment
(10,080)
Income before taxes
85,560
Income taxes expense
33,180
Net income
$52,380
Additional information:
(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.
(2) Old machinery with an original cost of $45,060 was sold for $2,520 cash.
(3) New machinery was purchased for $81,060 cash.
(4) Cash dividends of $40,320 were paid.
(5) Additional shares of stock were issued for cash.
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