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Use the following data for ABC Music Co. to prepare a statement of cash flows using the indirect method for the year ended June 30, 2016.
ABC Music Co.
Income Statement
For the Year Ended June 30, 2016
Net Sales
$350,000
Less Expenses
Cost of Goods Sold
$200,000
Depreciation Expense
20,000
Administrative Expenses
52,000
Selling Expenses
45,000
Loss on Sale of Investment
500
Total Expenses
317,500
Net Income
$ 32,500
Comparative Balance Sheets
June 30 2016 and 2015
Assets
2016
2015
Cash
$ 4,500
$ 15,000
Accounts Receivable (net)
35,000
27,500
Inventory
40,000
50,000
Prepaid Expenses
3,000
2,500
Long Term Investments
25,000
Plant and Equipment
80,000
Accumulated Depreciation
(20,000)
(12,000)
Total Assets
$162,500
$148,000
Liabilities
Accounts Payable
$ 2,000
$ 6,000
Wages Payable
220
260
Taxes Payable
780
740
Notes Payable
12,000
Total Liabilities
$23,000
$ 19,000
Stockholders' Equity
Common Stock
$ 65,000
Retained Earnings
81,500
64,000
Total Paid in Capital and Retained Earnings
146,500
129,000
Less: Treasury Stock
( 7,000)
0
Total Stockholders' Equity
$139,500
$129,000
Total Liabilities and Stockholders' Equity
Additional Information:
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