Data for Minnie Hooper Company are presented in P13-9B. Further analysis reveals that accounts payable pertain to merchandise creditors.

Instructions

Prepare a statement of cash flows for Minnie Hooper Company using the direct method.

Data From P13-9B.

Condensed financial data of Minnie Hooper Company are shown below.

Additional information:
1. New plant assets costing $149,000 were purchased for cash during the year.
2. Investments were sold at cost.
3. Plant assets costing $36,000 were sold for $10,000, resulting in a loss of $5,000.
4. A cash dividend of $43,000 was declared and paid during the year.
Instructions
Prepare a statement of cash flows using the indirect method.

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Minnie Hooper Company Comparative Balance Sheets December 31 Assets 2013 2014 $ 93,600 63,200 124,500 79,500 318,000 (44,000) $ 33,400 37,000 102,650 107,000 205,000 (40,000) Cash Accounts receivable Inventory Investments Plant assets Accumulated depreciation Total $634,800 $445,050 Liabilities and Stockholders' Equity $ 56,600 15,100 140,000 250,000 173,100 $ 48,280 18,830 70,000 200,000 107,940 Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $634,800 $445,050 Minnie Hooper Company Income Statement For the Year Ended December 31, 2014 Sales revenue $297,500 Less: Cost of goods sold Operating expenses, excluding depreciation expense Depreciation expense Loss on disposal of plant assets $99,460 19,670 25,000 5,000 37,270 2,940 Income taxes Interest expense 189,340 $108,160 Net income