The comparative balance sheet of barry company for 2011 and

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Reference no: EM13572731

The comparative balance sheet of Barry Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form:

	Year	Year
	2011	2010
Cash	$ 72,000	$ 42,500
Accounts receivable (net)	61,000	70,200
Inventories	121,000	105,000
Investments	.....	100,000
Equipment	515,000	425,000
Accumulated depreciation-equipment	(153,000)	(175,000)
	$616,000	$567,700

Accounts payable	$ 59,750	$ 47,250
Bonds payable, due 2011	.....	75,000
Common stock, $20 par	375,000	325,000
Premium on common stock	50,000	25,000
Retained earnings	131,250	95,450
	$616,000	$567,700

Additional data for the current year are as follows:

(a)	Net income, $75,800.
(b)	Depreciation reported on income statement, $38,000.
(c)	Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $150,000.
(d)	Bonds payable for $75,000 were retired by payment at their face amount.
(e)	2,500 shares of common stock were issued at $30 for cash.
(f)	Cash dividends declared and paid, $40,000.
(g)	Investments of $100,000 were sold for $125,000.

Prepare a statement of cash flows using the indirect method.

Reference no: EM13572731

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