Reference no: EM13918172
The comparative balance sheets and income statements for Gypsy Company follow:
Income Statement:
For the Year Ended December 31, 2014.
Sales revenue ......... $61,200
Cost of goods sold ...... (24,500)
Gross margin ........ 36,700
Depreciation expense .... (12,000)
Operating income ...... 24,700
Gain on sale of equipment .... 1,500
Loss on disposal of land .... (100)
Net income ........ $26,100
Additional Data:
1. During 2014, the company sold equipment for $21,500; it had originally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash.
2. The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange.
3. Paid dividends of $12,400.
Required:
Prepare a statement of cash flows using the indirect method.
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