| Instuctions: Complete the statement of cash flows for 2014 using the indirect method | ||
| Here is a comparative balance sheet for Joe Company | ||
| JOE COMPANY | ||
| Comparative Balance Sheet | ||
| 31-Dec | ||
| Assets | 2014 | 2013 |
| Cash | $ 68,000.00 | $ 22,000.00 |
| Accounts receivable | $ 85,000.00 | $ 76,000.00 |
| Inventories | $ 1,70,000.00 | $ 1,89,000.00 |
| Land | $ 80,000.00 | $ 1,00,000.00 |
| Equipment | $ 2,60,000.00 | $ 2,00,000.00 |
| Accumulated Depreciation | $ (66,000.00) | $ (32,000.00) |
| Total | $ 5,97,000.00 | $ 5,55,000.00 |
| Liabilities and Stockholders’ equity | ||
| Accounts payable | $ 39,000.00 | $ 47,000.00 |
| Bonds payable | $ 1,50,000.00 | $ 2,00,000.00 |
| Common stock ($1 par) | $ 2,16,000.00 | $ 1,74,000.00 |
| Retained earnings | $ 1,92,000.00 | $ 1,34,000.00 |
| Total | $ 5,97,000.00 | $ 5,55,000.00 |
| Additional information: | ||
| 1. Net income for 2014 was $93,000. | ||
| 2. Cash dividends of $35,000 were declared and paid. | ||
| 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. | ||
| 4. Common stock was issued for $42,000 cash. | ||
| 5. No equipment was sold during 2014. |
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