Sunday or early Monday if needed

Putnam Corporation had these transactions during 2014.

Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.

(a)		Purchased a machine for $30,000, giving a long-term note in exchange.		[removed]
(b)		Issued $50,000 par value common stock for cash.		[removed]
(c)		Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.		[removed]
(d)		Declared and paid a cash dividend of $13,000.		[removed]
(e)		Sold a long-term investment with a cost of $15,000 for $15,000 cash.		[removed]
(f)		Collected $16,000 of accounts receivable.		[removed]
(g)		Paid $18,000 on accounts payable.		[removed]

Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.

LING COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2014
	[removed]		$[removed]
	[removed]		[removed]
	[removed]		[removed]
	[removed]		[removed]
	[removed]		[removed]
	[removed]
	[removed]		[removed]
	Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.   THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME     For the years ended December 31,   2011   2010   2009     In thousands of dollars except per share amounts                   Net Sales   $6,080,788     $5,671,009   $5,298,668     Costs and Expenses:                     Cost of sales   3,548,896     3,255,801   3,245,531       Selling, marketing and administrative   1,477,750     1,426,477   1,208,672       Business realignment and impairment (credits) charges, net   (886 )   83,433   82,875         Total costs and expenses   5,025,760     4,765,711   4,537,078     Income before Interest and Income Taxes   1,055,028     905,298   761,590       Interest expense, net   92,183     96,434   90,459     Income before Income Taxes   962,845     808,864   671,131       Provision for income taxes   333,883     299,065   235,137     Net Income   $628,962     $509,799   $435,994     Net Income Per Share—Basic—Class B Common Stock   $2.58     $2.08   $1.77     Net Income Per Share—Diluted—Class B Common Stock   $2.56     $2.07   $1.77     Net Income Per Share—Basic—Common Stock   $2.85     $2.29   $1.97     Net Income Per Share—Diluted—Common Stock   $2.74     $2.21   $1.90     Cash Dividends Paid Per Share:                     Common Stock   $1.3800     $1.2800   $1.1900       Class B Common Stock   1.2500     1.1600   1.0712     The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.     THE HERSHEY COMPANY CONSOLIDATED BALANCE SHEETS     December 31,   2011   2010     In thousands of dollars                 ASSETS                 Current Assets:                   Cash and cash equivalents   $693,686     $884,642         Accounts receivable—trade   399,499     390,061         Inventories   648,953     533,622         Deferred income taxes   136,861     55,760         Prepaid expenses and other   167,559     141,132           Total current assets   2,046,558     2,005,217       Property, Plant and Equipment, Net   1,559,717     1,437,702       Goodwill   516,745     524,134       Other Intangibles   111,913     123,080       Deferred Income Taxes   38,544     21,387       Other Assets   138,722     161,212           Total assets   $4,412,199     $4,272,732       LIABILITIES AND STOCKHOLDERS’ EQUITY                 Current Liabilities:                   Accounts payable   $420,017     $410,655         Accrued liabilities   612,186     593,308         Accrued income taxes   1,899     9,402         Short-term debt   42,080     24,088         Current portion of long-term debt   97,593     261,392           Total current liabilities   1,173,775     1,298,845       Long-term Debt   1,748,500     1,541,825       Other Long-term Liabilities   617,276     494,461           Total liabilities   3,539,551     3,335,131       Commitments and Contingencies   —     —       Stockholders’ Equity:                   The Hershey Company Stockholders’ Equity                     Preferred Stock, shares issued: none in 2011 and 2010   —     —           Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010   299,269     299,195           Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010   60,632     60,706           Additional paid-in capital   490,817     434,865           Retained earnings   4,699,597     4,374,718           Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010   (4,258,962 )   (4,052,101 )         Accumulated other comprehensive loss   (442,331 )   (215,067 )           The Hershey Company stockholders’ equity   849,022     902,316         Noncontrolling interests in subsidiaries   23,626     35,285             Total stockholders’ equity   872,648     937,601             Total liabilities and stockholders’equity   $4,412,199     $4,272,732       THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS     For the years ended December 31,   2011   2010   2009     In thousands of dollars                       Cash Flows Provided from (Used by) Operating Activities                         Net income   $628,962     $509,799     $435,994         Adjustments to reconcile net income to net cash provided from operations:                         Depreciation and amortization   215,763     197,116     182,411         Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively   28,341     32,055     34,927         Excess tax benefits from stock-based compensation   (13,997 )   (1,385 )   (4,455 )       Deferred income taxes   33,611     (18,654 )   (40,578 )       Gain on sale of trademark licensing rights, net of tax of $5,962   (11,072 )   —     —         Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively   30,838     77,935     60,823         Contributions to pension plans   (8,861 )   (6,073 )   (54,457 )       Changes in assets and liabilities, net of effects from business acquisitions and divestitures:                         Accounts receivable—trade   (9,438 )   20,329     46,584         Inventories   (115,331 )   (13,910 )   74,000         Accounts payable   7,860     90,434     37,228         Other assets and liabilities   (205,809 )   13,777     293,272       Net Cash Provided from Operating Activities   580,867     901,423     1,065,749       Cash Flows Provided from (Used by) Investing Activities                         Capital additions   (323,961 )   (179,538 )   (126,324 )       Capitalized software additions   (23,606 )   (21,949 )   (19,146 )       Proceeds from sales of property, plant and equipment   312     2,201     10,364         Proceeds from sales of trademark licensing rights   20,000     —     —         Business acquisitions   (5,750 )   —     (15,220 )     Net Cash (Used by) Investing Activities   (333,005 )   (199,286 )   (150,326 )     Cash Flows Provided from (Used by) Financing Activities                         Net change in short-term borrowings   10,834     1,156     (458,047 )       Long-term borrowings   249,126     348,208     —         Repayment of long-term debt   (256,189 )   (71,548 )   (8,252 )       Proceeds from lease financing agreement   47,601     —     —         Cash dividends paid   (304,083 )   (283,434 )   (263,403 )       Exercise of stock options   184,411     92,033     28,318         Excess tax benefits from stock-based compensation   13,997     1,385     4,455         Contributions from noncontrolling interests in subsidiaries   —     10,199     7,322         Repurchase of Common Stock   (384,515 )   (169,099 )   (9,314 )     Net Cash (Used by) Financing Activities   (438,818 )   (71,100 )   (698,921 )     (Decrease) Increase in Cash and Cash Equivalents   (190,956 )   631,037     216,502       Cash and Cash Equivalents as of January 1   884,642     253,605     37,103       Cash and Cash Equivalents as of December 31   $693,686     $884,642     $253,605       Interest Paid   $97,892     $97,932     $91,623       Income Taxes Paid   292,315     350,948     252,230     TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)       For the year ended December 31,       2011   2010   2009     Net product sales   $528,369     $517,149     $495,592       Rental and royalty revenue   4,136     4,299     3,739       Total revenue   532,505     521,448     499,331       Product cost of goods sold   365,225     349,334     319,775       Rental and royalty cost   1,038     1,088     852       Total costs   366,263     350,422     320,627       Product gross margin   163,144     167,815     175,817       Rental and royalty gross margin   3,098     3,211     2,887       Total gross margin   166,242     171,026     178,704       Selling, marketing and administrative expenses   108,276     106,316     103,755       Impairment charges   —     —     14,000       Earnings from operations   57,966     64,710     60,949       Other income (expense), net   2,946     8,358     2,100       Earnings before income taxes   60,912     73,068     63,049       Provision for income taxes   16,974     20,005     9,892       Net earnings   $43,938     $53,063     $53,157                               Net earnings   $43,938     $53,063     $53,157       Other comprehensive earnings (loss)   (8,740 )   1,183     2,845       Comprehensive earnings   $35,198     $54,246     $56,002                               Retained earnings at beginning of year.   $135,866     $147,687     $144,949       Net earnings   43,938     53,063     53,157       Cash dividends   (18,360 )   (18,078 )   (17,790 )     Stock dividends   (47,175 )   (46,806 )   (32,629 )     Retained earnings at end of year   $114,269     $135,866     $147,687                               Earnings per share   $0.76     $0.90     $0.89                               Average Common and Class B Common shares outstanding   57,892     58,685     59,425     (The accompanying notes are an integral part of these statements.)     CONSOLIDATED STATEMENTS OF Financial Position TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)   Assets   December 31,           2011   2010     CURRENT ASSETS:                   Cash and cash equivalents   $78,612     $115,976         Investments   10,895     7,996         Accounts receivable trade, less allowances of $1,731 and $1,531   41,895     37,394         Other receivables   3,391     9,961         Inventories:                   Finished goods and work-in-process   42,676     35,416         Raw materials and supplies   29,084     21,236         Prepaid expenses   5,070     6,499         Deferred income taxes   578     689         Total current assets   212,201     235,167       PROPERTY, PLANT AND EQUIPMENT, at cost:                   Land   21,939     21,696         Buildings   107,567     102,934         Machinery and equipment   322,993     307,178         Construction in progress   2,598     9,243             455,097     440,974         Less—Accumulated depreciation   242,935     225,482         Net property, plant and equipment   212,162     215,492       OTHER ASSETS:                   Goodwill   73,237     73,237         Trademarks   175,024     175,024         Investments   96,161     64,461         Split dollar officer life insurance   74,209     74,441         Prepaid expenses   3,212     6,680         Equity method investment   3,935     4,254         Deferred income taxes   7,715     9,203         Total other assets   433,493     407,300         Total assets   $857,856     $857,959       Liabilities and Shareholders’ Equity   December 31,           2011   2010     CURRENT LIABILITIES:                   Accounts payable   $10,683     $9,791         Dividends payable   4,603     4,529         Accrued liabilities   43,069     44,185         Total current liabilities   58,355     58,505       NONCURRENT LIABILITES:                   Deferred income taxes   43,521     47,865         Postretirement health care and life insurance benefits   26,108     20,689         Industrial development bonds   7,500     7,500         Liability for uncertain tax positions   8,345     9,835         Deferred compensation and other liabilities   48,092     46,157         Total noncurrent liabilities   133,566     132,046       SHAREHOLDERS’ EQUITY:                   Common stock, $.69-4/9 par value—120,000 shares authorized—36,479 and 36,057 respectively, issued   25,333     25,040         Class B common stock, $.69-4/9 par value—40,000 shares authorized—21,025 and 20,466 respectively, issued   14,601     14,212         Capital in excess of par value   533,677     505,495         Retained earnings, per accompanying statement   114,269     135,866         Accumulated other comprehensive loss   (19,953 )   (11,213 )       Treasury stock (at cost)—71 shares and 69 shares, respectively   (1,992 )   (1,992 )       Total shareholders’ equity   665,935     667,408         Total liabilities and shareholders’ equity   $857,856     $857,959     TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Cash Flows (in thousands)           For the year ended December 31,               2011   2010   2009       CASH FLOWS FROM OPERATING ACTIVITIES:                             Net earnings   $43,938     $53,063     $53,157             Adjustments to reconcile net earnings to net cash provided by operating activities:                                 Depreciation   19,229     18,279     17,862                 Impairment charges   —     —     14,000                 Impairment of equity method investment   —     —     4,400                 Loss from equity method investment   194     342     233                 Amortization of marketable security premiums   1,267     522     320                 Changes in operating assets and liabilities:                                 Accounts receivable   (5,448 )   717     (5,899 )               Other receivables   3,963     (2,373 )   (2,088 )               Inventories   (15,631 )   (1,447 )   455                 Prepaid expenses and other assets   5,106     4,936     5,203                 Accounts payable and accrued liabilities   84     2,180     (2,755 )               Income taxes payable and deferred   (5,772 )   2,322     (12,543 )               Postretirement health care and life insurance benefits   2,022     1,429     1,384                 Deferred compensation and other liabilities   2,146     2,525     2,960                 Others   (708 )   310     305             Net cash provided by operating activities   50,390     82,805     76,994         CASH FLOWS FROM INVESTING ACTIVITIES:                               Capital expenditures   (16,351 )   (12,813 )   (20,831 )             Net purchase of trading securities   (3,234 )   (2,902 )   (1,713 )             Purchase of available for sale securities   (39,252 )   (9,301 )   (11,331 )             Sale and maturity of available for sale securities   7,680     8,208     17,511               Net cash used in investing activities   (51,157 )   (16,808 )   (16,364 )         CASH FLOWS FROM FINANCING ACTIVITIES:                                 Shares repurchased and retired   (18,190 )   (22,881 )   (20,723 )               Dividends paid in cash   (18,407 )   (18,130 )   (17,825 )               Net cash used in financing activities   (36,597 )   (41,011 )   (38,548 )       Increase (decrease) in cash and cash equivalents   (37,364 )   24,986     22,082         Cash and cash equivalents at beginning of year   115,976     90,990     68,908         Cash and cash equivalents at end of year   $78,612     $115,976     $90,990         Supplemental cash flow information                               Income taxes paid   $16,906     $20,586     $22,364               Interest paid   $38     $49     $182               Stock dividend issued   $47,053     $46,683     $32,538       (The accompanying notes are an integral part of these statements.)   Based on the information in the financial statements, determine each of the following for each company:   The percentage increase (i) in net sales and (ii) in net income from 2010 to 2011. (Round answers to 1 decimal places, e.g. 15.2%. Enter negative amounts using either a negative sign preceding the number e.g. -15.2% or parentheses e.g. (15.2)%.)     Hershey   Tootsie Roll   Percentage increase (decrease) in net sales   [removed] %   [removed] %   Percentage increase (decrease) in net income   [removed] %   [removed] %     The percentage increase (i) in total assets and (ii) in total stockholders’ equity from 2010 to 2011. (Round answers to 1 decimal place, e.g. 15.2%. Enter negative amounts using either a negative sign preceding the number e.g. -15.2% or parentheses e.g. (15.2)%.)     Hershey   Tootsie Roll   Percentage increase (decrease) in total assets   [removed] %   [removed] %   Percentage increase (decrease) in total stockholders’ equity   [removed] %   [removed] %     The earnings per share for 2011. (Round answers to 2 decimal places, e.g. 15.25.)     Hershey   Tootsie Roll   Earnings per share   [removed]     [removed]   [removed]		$[removed] *Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets   2014     2013   Cash   $ 113,120     $ 67,760   Accounts receivable   122,920     53,200   Inventory   157,500     143,990   Prepaid expenses   39,760     36,400   Long-term investments   193,200     152,600   Plant assets   399,000     339,500   Accumulated depreciation   (70,000 )   (72,800 ) Total   $955,500     $720,650                 Liabilities and Stockholders’ Equity             Accounts payable   $ 142,800     $ 94,220   Accrued expenses payable   23,100     29,400   Bonds payable   154,000     204,400   Common stock   308,000     245,000   Retained earnings   327,600     147,630   Total   $955,500     $720,650   ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue       $543,844 Less:              Cost of goods sold   $189,644          Operating expenses, excluding depreciation   17,374          Depreciation expense   65,100          Income tax expense   38,192          Interest expense   6,622          Loss on disposal of plant assets   10,500   327,432 Net income       $ 216,412 Additional information: 1.   New plant assets costing $140,000 were purchased for cash during the year. 2.   Old plant assets having an original cost of $80,500 and accumulated depreciation of $67,900 were sold for $2,100 cash. 3.   Bonds payable matured and were paid off at face value for cash. 4.   A cash dividend of $36,442 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ODGERS INC. Statement of Cash Flows For the Year Ended December 31, 2014 [removed]     [removed]   $[removed] Adjustments to reconcile net income to     [removed]     [removed] $[removed]   [removed] [removed]   [removed] [removed]   [removed] [removed]   [removed] [removed]   [removed] [removed]   [removed] [removed]       [removed] [removed]   [removed]       [removed]     [removed] [removed]   [removed] [removed]   [removed] [removed]   [removed]   [removed]       [removed]     [removed] [removed]   [removed] [removed]   [removed] [removed]   [removed]   [removed]       [removed]   [removed] [removed]   [removed] [removed]   $[removed]   *Problem 12-10A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets   2014     2013   Cash   $ 109,888     $ 65,824   Accounts receivable   119,408     51,680   Inventory   153,000     139,876   Prepaid expenses   38,624     35,360   Long-term investments   187,680     148,240   Plant assets   387,600     329,800   Accumulated depreciation   (68,000 )   (70,720 ) Total   $928,200     $700,060                 Liabilities and Stockholders’ Equity             Accounts payable   $ 138,720     $ 91,528   Accrued expenses payable   22,440     28,560   Bonds payable   149,600     198,560   Common stock   299,200     238,000   Retained earnings   318,240     143,412   Total   $928,200     $700,060   ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue       $528,306 Less:              Cost of goods sold   $184,226          Operating expenses, excluding depreciation   16,878          Depreciation expense   63,240          Income taxes   37,101          Interest expense   6,433          Loss on disposal of plant assets   10,200   318,078 Net income       $ 210,228 Additional information: 1.   New plant assets costing $136,000 were purchased for cash during the year. 2.   Old plant assets having an original cost of $78,200 and accumulated depreciation of $65,960 were sold for $2,040 cash. 3.   Bonds payable matured and were paid off at face value for cash. 4.   A cash dividend of $35,400 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Odgers Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ODGERS INC. Statement of Cash Flows For the Year Ended December 31, 2014 [removed]     [removed]   $[removed] [removed]: [removed]     [removed] $[removed]   [removed] [removed]   [removed] [removed]   [removed] [removed]       [removed] [removed]   [removed]       [removed]     [removed] [removed]   [removed] [removed]   [removed] [removed]   [removed]   [removed]       [removed]     [removed] [removed]   [removed] [removed]   [removed] [removed]   [removed]   [removed]       [removed]   [removed] [removed]   [removed] [removed]   $[removed]   *Problem 13-2A The comparative statements of Osborne Company are presented here. OSBORNE COMPANY Income Statements For the Years Ended December 31     2014   2013 Net sales   $1,893,418   $1,753,378 Cost of goods sold   1,061,418   1,008,878 Gross profit   832,000   744,500 Selling and administrative expenses   502,878   481,878 Income from operations   329,122   262,622 Other expenses and losses            Interest expense   23,186   21,186 Income before income taxes   305,936   241,436 Income tax expense   93,186   74,186 Net income   $ 212,750   $ 167,250 OSBORNE COMPANY Balance Sheets December 31 Assets   2014   2013 Current assets            Cash   $ 60,100   $ 64,200    Debt investments (short-term)   74,000   50,000    Accounts receivable   120,678   105,678    Inventory   127,186   116,686      Total current assets   381,964   336,564 Plant assets (net)   660,947   532,247 Total assets   $1,042,911   $868,811 Liabilities and Stockholders’ Equity         Current liabilities            Accounts payable   $ 162,878   $148,278    Income taxes payable   44,686   43,186      Total current liabilities   207,564   191,464 Bonds payable   231,947   211,947      Total liabilities   439,511   403,411 Stockholders’ equity            Common stock ($5 par)   290,000   300,000    Retained earnings   313,400   165,400      Total stockholders’ equity   603,400   465,400 Total liabilities and stockholders’ equity   $1,042,911   $868,811 All sales were on account. Net cash provided by operating activities for 2014 was $224,440. Capital expenditures were $136,450, and cash dividends were $64,750. Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.) (a)   Earnings per share   $[removed]   (b)   Return on common stockholders’ equity   [removed]  % (c)   Return on assets   [removed]  % (d)   Current ratio   [removed]  :1 (e)   Accounts receivable turnover   [removed]  times (f)   Average collection period   [removed]  days (g)   Inventory turnover   [removed] times (h)   Days in inventory   [removed]  days (i)   Times interest earned   [removed]  times (j)   Asset turnover   [removed]  times (k)   Debt to assets   [removed]  % (l)   Current cash debt coverage   [removed]  times (m)   Cash debt coverage   [removed]  times (n)   Free cash flow   $[removed]     Exercise 7-3 The following control procedures are used in Kelton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure   Weakness   Principle Violated 1.   Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy.   [removed]   [removed]               2.   All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.   [removed]   [removed]               3.   To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.   [removed]   [removed]               4.   At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.   [removed]   [removed]               5.   The company accountant makes the bank deposit and then records the day’s receipts.   [removed]   [removed]