BRECKER INc.COMPARATIVE BALANCE SHEETAs OF DECEMBER 31, 2014 AND 201312/31/1412/31/13$ 6,00062,00035,00040,0005,000154,000(35,000)46,000$7,00051,00018,00060,0004,000130,000(25,000)50,000CashAccounts receivableShort-term investments (available-for-sale)InventoryPrepaid rentEquipmentAccumulated depreciation-equipmentCopyrightsTotal assets$313,000Accounts payableIncome taxes payableSalaries and wages payableShort-term loans payableLong-term loans payableCommon stock, $10 parContributed capital, common stockRetained earnings$ 46,0004,0008,0008,00060,000100,00030,00057,000$295,000$ 40,0006,0004,00010,00069,000100,00030,00036,000Total liabilities and stockholders' equity$313,000$295,000BRECKER INc.INCOME STATEMENTFOR THE YEAR ENDING DECEMBER 31, 2014$338,150175,000Sales revenueCost of goods soldGross profitOperating expenses163,150120,000Operating incomeInterest expenseGain on sale of equipment43,150$11,4002,0009,400Income before tax33,750Income tax expense6,750Net income$ 27,000Additional information:1. Dividends in the amount of $6,000 were declared and paid during 2014.2. Depreciation expense and amortization expense are included in operating expenses.3. No unrealized gains or losses have occurred on the investments during the year.4. Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2014.InstructionsPrepare a statement of cash flows using the indirect method. (Do not prepare a reconciliation schedule.)

Working-Direct Cash Flow Statement Sales $ 3,38,150.00 Less: Increase in…

BRECKER INC. COMPARATIVE BALANCE SHEET As OF DECEMBER 31, 2014 AND 2013 12/31/14 12/31/13 $ 6,000 62,000 35,000 40,000 5,000 154,000 (35,000) 46,000 $ 7,000 51,000 18,000 60,000 4,000 130,000 (25,000) 50,000 Cash Accounts receivable Short-term investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets $313,000 $295,000

BRECKER INC. COMPARATIVE BALANCE SHEET As OF DECEMBER 31, 2014 AND 2013 12/31/14 12/31/13 $ 6,000 62,000 35,000 40,000 5,000 154,000 (35,000) 46,000 $ 7,000 51,000 18,000 60,000 4,000 130,000 (25,000) 50,000 Cash Accounts receivable Short-term investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets $313,000 $295,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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