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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