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The Carpet Company's 19X2 and 19X1 balance sheets included the following items:
12/31/2015
Debits
19X2($)
19X1($)
Cash .
10500
4000
Accounts receivable
8000
9000
Merchandise inventory
21000
18000
Equipment.
15000
Totals
57500
46000
Credits
Accumulated depreciation, equipment
4,000
3000
Accounts payable
7000
5000
Taxes payable
1000
2000
Dividends payable
1500
0
Common stock, $10 pay value
27000
25000
Contributed capital in excess of par, common stock
6000
Retained earnings
11000
The Carpet Company's income statement was as follows:
CARPET COMPANY
Income Statement
For the Year Ended December 31, 19X2
Sales
$61,000
Cost of goods sold
$40,000
Wages and other operating expenses
$6,300
Income tax expenses
$4,200
Depreciation expense
$1,500
$52,000
Net Income
$9,000
Required:
Prepare the statement of cash flows under both the direct method and the indirect method for the year ended December 31, 19X2.
Additional information includes the following:
a. Equipment costing $3,500 was purchased during the year
b. Fully depreciated equipment that cost $500 was discarded and its cost and accumulated depreciation were removed from the accounts.
c. Two hundred shares of stock were sold and issued at $15 per share
d. The company declared $4,000 of cash dividends and paid $2,500.
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