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Question - SCF-Indirect Method
Andrews Inc., a greeting card company, had the following statements prepared as of December 31, 2010.
ANDREWS INC. Comparative Balance Sheet as of December 31, 2010 and 2009
12/31/10
12/31/09
Cash
$ 5,981
$ 9,008
Accounts Receivable
62,124
48,810
Short-term investments (Available-for-sale)
34,834
18,083
Inventories
39,952
60,125
Prepaid rent
4,877
4,180
Printing equipment
153,030
129,250
Accumulated depr.-equipment
(34,899)
(24,875)
Copyrights
45,764
50,582
Total assets
$311,663
$295,163
Accounts payable
$ 45,834
$ 41,998
Income taxes payable
3,999
6,191
Wages payable
7,666
4,270
Short-term loans payable
8,016
9,931
Long-term loans payable
59,989
66,890
Common stock, $10 par
100,460
Contributed capital, common stock
29,870
Retained earnings
55,829
35,553
Total liabilities & equity
ANDREWS INC. Income Statement For the Year Ended December 31, 2010
Sales
$337,397
Cost of goods sold
175,640
Gross Margin
161,757
Operating expenses
119,170
Operating income
42,587
Interest expense
$11,466
Gain on sale of equipment
1,743
9,723
Income before tax
32,864
Income tax expense
6,603
Net income
$ 26,261
Additional information:
1. Dividends in the amount of $5,985 were declared and paid during 2010.
2. Depreciation expense and amortization expense are included in operating expenses.
3. No unrealized gains or losses have occurred on the investments during the year.
4. Equipment that had a cost of $29,200 and was 70% depreciated was sold during 2010.
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