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Jhutti CompanyComparative Balance SheetsDecember 31
Assets
2014
2013
Cash
$90,300
$47,250
Accounts receivable
80,900
57,000
Inventory
121,900
102,650
Investments
84,000
87,000
Equipment
250,000
205,000
Accumulated depreciation-equipment
-46,600
-40,000
$580,500
$458,900
Liabilities and Stockholders' Equity
Accounts payable
$53,400
$48,280
Accrued expenses payable
12,100
18,830
Bonds payable
100,000
70,000
Common stock
240,000
200,000
Retained earnings
175,000
121,790
Jhutti. CompanyIncome StatementFor the Year Ended December 31, 2014
Sales revenue
$297,500
Gain on disposal of plant assets
8,550
$306,050
Less:
Cost of goods sold
99,460
Operating expenses (excluding depreciation expense)
14,670
Depreciation expense
47,900
Income tax expense
7,270
Interest expense
2,940
172,240
Net income
$133,810
Additional Information
Equipment costing $92,000 was purchased for cash during the year. Investments were sold at cost.Equipment costing $47,000 was sold for $14,250, resulting in gain of $8,550.A cash dividend of $80,600 was declared and paid during the year.Additional Information Continued... Bonds of $30,000 were issued.$40,000 of Common Stock was issued
Instructions: Please prepare a proper Statement of Cash Flows for Jhutti Company using the Indirect Method in either Word or Excel. Handwritten copies will not be accepted!
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