Reference no: EM13844426
Selected financial statement information and additional data for XYZ Corporation is presented below.
ABC Corporation
Balance Sheet and Income Statement Data
December 31, December 31,
2014 2013
Current Assets:
Cash $143,000 $119,000
Accounts Receivable 228,000 306,000
Inventory 391,000 340,000
Total Current Assets 762,000 765,000
Property, Plant, and Equipment 1,261,000 1,122,000
Less: Accumulated Depreciation (476,000) (442,000)
Total Assets $1,547,000 $1,445,000
Current Liabilities:
Accounts Payable $187,000 $102,000
Notes Payable 51,000 68,000
Income Taxes Payable 85,000 76,500
Total Current Liabilities 323,000 246,500
Bonds Payable 350,000 391,000
Total Liabilities 673,000 637,500
Stockholders' Equity:
Common Stock 510,000 467,500
Retained Earnings 364,000 340,000
Total Stockholders' Equity 874,000 807,500
Total Liabilities & Stockholders' Equity $1,547,000 $1,445,000
Sales Revenue 1,615,000 $1,513,000
Less Cost of Goods Sold 781,000 731,000
Gross Profit 834,000 782,000
Expenses:
Depreciation Expense 153,000 136,000
Salaries and Wages Expense 391,000 357,000
Interest Expense 34,000 34,000
Loss on Sale of Equipment 12,000 0
Income Before Taxes 244,000 255,000
Less Income Tax Expense 98,000 102,000
Net Income $146,000 $153,000
Additional Information:
During the year, ABC Corporation had the following transactions-
a. Sold equipment for $2,000. The original cost of the equipment was $133,000 and the related balance in the accumulated depreciation account totaled $119,000.
b. Purchased new equipment and paid $272,000 in cash.
Prepare a statement of cash flows for the year ended December 31, 2014.