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Prepare balance sheet and retained earnings statement using statement of cash flows data Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended December 31, 2011, and the firm's balance sheet at December 31, 2010:
HARRIS, INC.
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash Flows from Operating Activities:
Net income
$ 13,000
Add (deduct) items not affecting cash:
Depreciation expense
29,000
Increase in accounts receivable
(6,000)
Decrease in merchandise inventory.
30,000
Increase in accounts payable
3,000
Net cash provided by operating activities
$ 69,000
Cash Flows from Investing Activities:
Purchase of buildings
(90,000)
Proceeds from sale of land at its cost
7,000
Net cash used by investing activities
$(83,000)
Cash Flows from Financing Activities:
Payment of short-term debt
(4,000)
Payment of notes payable
(9,000)
Proceeds from issuance of long-term debt
15,000
Proceeds from issuance of common stock
8,000
Payment of cash dividends on common stock
(5,000)
Net cash provided by financing activities
$ 5,000
Net decrease in cash for the year
$ (9,000)
Balance Sheet
At December 31, 2010
Assets
Cash
$ 15,000
Accounts receivable
61,000
Merchandise inventory
76,000
Total current assets.
$152,000
Land
34,000
Buildings
118,000
Less: Accumulated depreciation.
(72,000)
Total land and buildings
$ 80,000
Total assets
$232,000
Liabilities
Accounts payable
$ 58,000
Short-term debt
16,000
Notes payable
33,000
Total current liabilities
$107,000
Long-term debt
50,000
Owners' Equity
Common stock, no par
$ 20,000
Retained earnings
55,000
Total owners' equity
$ 75,000
Total liabilities and owners' equity
Required:
a. Using the preceding information, prepare the balance sheet for Harris, Inc., at December 31, 2011.
b. Prepare a statement of changes in retained earnings for the year ended December 31, 2011.
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