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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