Question : 174. The following information available for the Brookstone Company: Brookstone Company Balance : 1257720

 

174. The following information is available for the Brookstone Company:  

Brookstone Company

Balance Sheets

At December 31

 

2015

 

2014

 

Assets:

 

 

 

 

   Cash……………………………..

$  29,568

 

$  27,648

 

   Accounts receivable…………………….

38,616

 

35,280

 

   Merchandise inventory………………….

87,750

 

74,052

 

   Long-term investments………………….

67,080

 

67,680

 

   Machinery………………………….

210,600

 

174,600

 

   Accumulated depreciation………………..

  (40,260

)

  (37,440

)

Total assets………………………….

$393,354

 

$341,820

 

 

 

 

 

 

Liabilities:

 

 

 

 

   Accounts payable……………………..

$  78,000

 

$  48,456

 

   Income taxes payable…………………..

12,870

 

12,240

 

   Bonds payable……………………….

    58,500

 

    79,200

 

Total liabilities………………………..

$149,370

 

$139,896

 

Equity:

 

 

 

 

   Common stock……………………….

140,400

 

115,200

 

Paid-in capital in excess of par……………….

15,600

 

10,800

 

   Retained earnings……………………..

  87,984

 

    75,924

 

Total equity………………………….

$243,984

 

$201,924

 

Total liabilities and equity………………….

$393,354

 

$341,820

 

 

 

 

 

 

 

Brookstone Company

Income Statement

For Year Ended December 31, 2015

Sales……………………….

 

$288,000

 

Cost of goods sold……………….

$97,080

 

 

Depreciation expense…………….

35,280

 

 

Other operating expenses…………..

57,600

 

 

Interest expense………………..

    2,400

(192,360

)

Other gains (losses):

 

 

 

   Loss on sale of equipment…………

 

    (10,080

)

Income before taxes……………..

 

85,560

 

Income taxes expense…………….

 

    33,180

 

Net income…………………..

 

$  52,380

 

 

 

 

 

Additional information:(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.(2) Old machinery with an original cost of $45,060 was sold for $2,520 cash.(3) New machinery was purchased for $81,060 cash.(4) Cash dividends of $40,320 were paid.(5) Additional shares of stock were issued for cash.Prepare a complete statement of cash flows for calendar-year 2013 using the indirect method. 

 

 

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