Condensed financial data of Pat Metheny Company

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Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.

PAT METHENY COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013

  

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
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014

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)

 

 

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