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P13-9A Condensed financial data of Sinjh Inc. follow. Sinjh Inc. Comparative Balance Sheets… 1 answer below » P13-9A Condensed financial data of Sinjh Inc. follow. Sinjh Inc. Comparative Balance Sheets December 31 Assets 2014 2013 View complete question » P13-9A Condensed financial data of Sinjh Inc. follow. Sinjh Inc. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $100,350 $ 48,400 Accounts receivable 92,800 33,000 Inventory 112,500 102,850 Prepaid expenses 29,300 26,000 Long-term investments 140,000 114,000 Plant assets 265,000 242,500 Accumulated depreciation (47,000) (52,000) Total $692,950 $514,750 Liabilities and Stockholders’ Equity Accounts payable $112,000 $ 67,300 Accrued expenses payable 16,500 17,000 Bonds payable 110,000 150,000 Common stock 220,000 175,000 Retained earnings 234,450 105,450 Total $692,950 $514,750 Sinjh Inc. Income Statement For the Year Ended December 31, 2014 Sales $392,780 Gain on disposal of plant assets 5,000 $397,780 Less: Cost of goods sold 135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 45,000 Income taxes 27,280 Interest expense 4,730 224,880 Net income $172,900 Additional information: 1. New plant assets costing $80,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $50,000 were sold for $12,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $43,900 was declared and paid during the year. Instructions Prepare a statement of cash flows using the indirect method. View less » Nov 30 2015 04:51 PM
