Condensed financial data of Pat Metheny Company
SuperClassCondensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.
PAT METHENY COMPANY | ||||||
2014 | 2013 | |||||
Cash | $1,791 | $1,100 | ||||
Receivables | 1,752 | 1,291 | ||||
Inventory | 1,591 | 1,918 | ||||
Plant assets | 1,894 | 1,693 | ||||
Accumulated depreciation | (1,193 | ) | (1,176 | ) | ||
Long-term investments (held-to-maturity) | 1,299 | 1,473 | ||||
$7,134 | $6,299 | |||||
Accounts payable | $1,201 | $786 | ||||
Accrued liabilities | 212 | 245 | ||||
Bonds payable | 1,419 | 1,635 | ||||
Capital stock | 1,906 | 1,700 | ||||
Retained earnings | 2,396 | 1,933 | ||||
$7,134 | $6,299 |
PAT METHENY COMPANY | ||
Sales revenue | $6,803 | |
Cost of goods sold | 4,694 | |
Gross margin | 2,109 | |
Selling and administrative expenses | 923 | |
Income from operations | 1,186 | |
Other revenues and gains | ||
Gain on sale of investments | 80 | |
Income before tax | 1,266 | |
Income tax expense | 534 | |
Net income | $732 | |
Cash dividends | 269 | |
Income retained in business | $463 |
Additional information:
During the year, $62 of common stock was issued in exchange for plant assets. No plant assets were sold in 2014.
Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -25,000 or in parenthesis e.g. (25,000).)
PAT METHENY COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2014
(Direct Method)
- 8 years ago
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