Business, 03.09.2019 16:20 fespinoza019

Shown below are comparative balance sheets for schmitt company. schmitt company comparative balance sheets december 31 assets 2014 2013 cash $ 104,720 $ 33,880 accounts receivable 135,520 117,040 inventory 257,180 291,060 land 123,200 154,000 equipment 400,400 308,000 accumulated depreciation—equipment (101,640 ) (49,280 ) total $919,380 $854,700 liabilities and stockholders’ equity accounts payable $ 60,060 $ 66,220 bonds payable 231,000 308,000 common stock ($1 par) 332,640 267,960 retained earnings 295,680 212,520 total $919,380 $854,700 additional information: 1. net income for 2014 was $143,220. 2. depreciation expense was $52,360. 3. cash dividends of $60,060 were declared and paid. 4. bonds payable amounting to $77,000 were redeemed for cash $77,000. 5. common stock was issued for $64,680 cash. 6. no equipment was sold during 2014. 7. land was sold for its book value. prepare a statement of cash flows for 2014 using the indirect method. (show amounts that decrease cash flow with either a - sign e. g. -15,000, or in parenthesis e. g. (15,

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Shown below are comparative balance sheets for schmitt company. schmitt company comparative balance...