Reference no: EM13939706
PREPARING A STATEMENT OF CASH FLOWS
Erie Company reported the following comparative balance sheets for 2009:
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Assets:
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2009 |
2008 |
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Cash
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$ 33,200
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$ 12,000
|
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Accounts receivable
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53,000
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45,000
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Inventory
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29,500
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27,500
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Prepaid rent
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2,200
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6,200
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Long-term investments
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17,600
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31,800
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Property, plant, and equipment
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162,000
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150,000
|
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Accumulated depreciation
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(61,600)
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(56,200)
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Total assets
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$235,900
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$216,300
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Liabilities and Equity:
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|
|
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Accounts payable
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$ 16,900
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$ 18,000
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Interest payable
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3,500
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4,800
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Wages payable
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9,600
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7,100
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Income taxes payable
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5,500
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3,600
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Notes payable
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28,000
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53,000
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Common stock
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100,000
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70,000
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Retained earnings
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72,400
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59,800
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Total liabilities and equity
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$235,900
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$216,300
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Additional information:
a. Net income for 2009 was $20,500.
b. Cash dividends of $7,900 were declared and paid during 2009.
c. Long-term investments with a cost of $35,000 were sold for cash at a gain of $4,100. Additional long-term investments were purchased for $20,800 cash.
d. Equipment with a cost of $15,000 and accumulated depreciation of $13,500 was sold for $3,800 cash. New equipment was purchased for $27,000 cash.
e. Depreciation expense was $18,900.
f. A principal payment of $25,000 was made on long-term notes.
g. Common stock was sold for $30,000 cash.
Required:
Prepare a statement of cash flows for Erie, using the indirect method to compute net cash flow from operating activities.
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