Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below: Pat...
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Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below: Pat Metheny Comparative Balance Sheet As of December 31, 2014 and 2013 2014 2013 Cash 1.800 1,100 Receivables 1,750 1,300 Inventory 1,600 1,900 Plant assets 1.900 1.700 Accumulated depreciation (1,200) (1,170) Long-term investments (Held-to-maturity) 1,300 1,470 $7,150 $6,300 Accounts payable 1,200 800 Accrued liabilities 200 250 Bonds payable 1,400 1,650 Capital stock 1,900 1.700 Retained Earnings 2,450 1,900 $7,150 $6,300 Pat Metheny Income Statement For the year ended December 31, 2014 Sales 6.900 Cost of goods sold 4.700 Gross Margin 2,200 Selling & admin Expenses 930 Income from operations 1.270 Gain on sale of investment 80 Income before tax 1.350 Income tax expense 540 Net income 810 Cash dividends 260 Income retained in business 550 Additional information: During the year. $70 of common stock was issued in exchange for plant assets. No plant assets were s Instructions: Prepare a statement of cash flows using the indirect method. Attach File Browse My Computer Browse Content Collection Browse Dropbox
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