Question : 173. The following information available for the Aarons Corporation: Aarons Corporation Balance : 1257719

 

173. The following information is available for the Aarons Corporation:  

Aarons Corporation

Balance Sheets

At December 31

 

2015

 

2014

 

Assets:

 

 

 

 

   Cash……………………………..

$  24,640

 

$  23,040

 

   Accounts receivable…………………….

32,180

 

29,400

 

   Merchandise inventory………………….

73,125

 

61,710

 

   Long-term investments………………….

55,900

 

56,400

 

   Equipment………………………….

175,500

 

145,500

 

   Accumulated depreciation………………..

  (33,550

)

  (31,200

)

Total assets………………………….

$327,795

 

$284,850

 

 

 

 

 

 

Liabilities:

 

 

 

 

   Accounts payable……………………..

$  65,000

 

$  40,380

 

   Income taxes payable…………………..

10,725

 

10,200

 

   Bonds payable……………………….

    48,750

 

    66,000

 

Total liabilities………………………..

$124,475

 

$116,580

 

Equity:

 

 

 

 

   Common stock……………………….

117,000

 

96,000

 

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

13,000

 

9,000

 

   Retained earnings……………………..

  73,320

 

    63,270

 

Total equity………………………….

$203,320

 

$168,270

 

Total liabilities and equity………………….

$327,795

 

$284,850

 

 

 

 

 

 

 

Aarons Corporation

Income Statement

For Year Ended December 31, 2013

Sales……………………….

 

$240,000

 

Cost of goods sold……………….

$80,900

 

 

Depreciation expense…………….

29,400

 

 

Other operating expenses…………..

48,000

 

 

Interest expense………………..

    2,000

(160,300

)

Other gains (losses):

 

 

 

   Loss on sale of equipment…………

 

    (8,400

)

Income before taxes……………..

 

71,300

 

Income taxes expense…………….

 

    27,650

 

Net income…………………..

 

$  43,650

 

 

 

 

 

Additional information:(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.(2) Old equipment with an original cost of $37,550 was sold for $2,100 cash.(3) New equipment was purchased for $67,550 cash.(4) Cash dividends of $33,600 were paid.(5) Additional shares of stock were issued for cash.Prepare a complete statement of cash flows for calendar-year 2015 using the indirect method. 

 

 

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