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Below are the balance sheets and income statement for Kinder Care Company. Please prepare the statement of cash flows for 2015 on both the indirect and direct bases.
Kinder Care CompanyBalance Sheet
December 31
2015
2014
Cash
135,900
111,200
Accounts receivable (net)
38,300
20,300
Inventory
35,000
26,000
Long-term investments
-
20,000
Property, plant & equipment
216,500
150,000
Accumulated depreciation
(57,700)
(25,000)
368,000
302,500
Accounts payable
17,000
35,500
Accrued liabilities
21,000
27,000
Long-term notes payable
70,000
50,000
Common stock
185,000
145,000
Retained earnings
75,000
45,000
Sales Revenue
$ 512,000
Cost of goods sold
291,000
Gross margin
221,000
Operating expenses
91,500
Pre-tax operating income
129,500
Gain on sale of investments
15,000
Pre-tax income
144,500
Tax
42,000
Net income
$ 102,500
Additional data:
1 Depreciation on plant assets for the year, $32,700.
2 Sold the long-term investments for $35,000.
3 Purchased machinery costing $66,500, issued note for $20,000 and paid remainder in cash.
4 Paid a $40,000 long-term note payable by issuing common stock.
5 Issued additional long-term notes payable during the year.
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