Reference no: EM13569588
Assets
_______________________________________2013 ------------------------2012
Cash ---------------------------------------------------------$69,000------------------- $31,000
Accounts Receivable (net) -------------------------------80,000-------------------- 60,000
Prepaid Insurance -----------------------------------------22,000---------------------17,000
Land ---------------------------------------------------------18,000 ---------------------40,000
Eqipment -----------------------------------------------------70,000---------------------60,000
Accumulated Depreciation--------------------------------(20,000)-------------------(13,000)
Total Assets------------------------------------------------- $239,000-----------------$195,000
Liabilities and Stockholders' Equity
Accounts Payable --------------------------------------------$11,000 $6,000
Bonds Payable------------------------------------------------ 27,000 19,000
Common Stock -----------------------------------------------140,000 115,000
Retained Earning --------------------------------------------- 61,000 55,000
Total Liabilities & Stockholders' Equity--------------- $ 239,000 _____$ 195,000
Additional information:
1. Net loss for 2013 is $12,000. Net Sales for 2013 is $240,000.
2. Cash dividends of ??? were declared and paid in 2013.
3. Land was sold for cash at a loss of $10,000. This was the only land transaction during the year.
4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $7,000 cash.
5. $12,000 of bonds were retired during the year at carrying (book) value.
6. Equipment was acquired for common stock. The fair market value of the stock at the time of the exchange was $25,000.
Instructions
Prepare a statement of cash flows for Aspen, Inc. for the year ended Decmeber 31, 2013 using the indirect method.