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Can you please help answer the following question?? Thank you so so much!! Mortonson Company has not yet prepared a formal statement of cash flows
Can you please help answer the following question??
Thank you so so much!!
Mortonson Company has not yet prepared a formal statement of cash flows for the 2014 fiscal year. Comparative balance sheets as of December 31, 2013 and 2014, and a statement of income and retained earnings for the year ended December 31, 2014, are presented as follows. MORTONSON COMPAN STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2014 OMITTED Sales revenue Expenses 53,881 Cost of goods sold Salaries and benefits Heat, light, and power $1,221 79 89 preciation taxes Patent amortization Miscellaneous expenses Interest Income before income taxes Income taxes Net income Retained earnings-Jan. 1, 2014 2,255 1,626 813 813 320 1,133 612 5521 Stock dividend declared and issued Retained earnings-Dec. 31, 2014 MORTONSON COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31 ($000 OMITTED 2014 2013 Current assets Cash S332 $148 U.S. Treasury notes (available-for-sale) Accounts receivable 522 585 1,311 72 614 810 749 Inventory Total current assets 1,917 Long-term assets Land Buildings and equipment Accumulated depreciation-buildings and 156 939 (214) (125) 110 991 908-52,008 equipment 136 697 $2,908 200 Patents (less amortization) Total long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Notes payable $431 48 322 801 $333 Total current liabilities Total liabilities Common stock 322 714 248 962 Long-term notes payable-due 2016 1,049 Stockholders equity 726 320 46 $2,908 20 Retained earnings 521 1,859 Total stockholders' equity Total liabilities and stockholders equity 10 35208 $2,008Step by Step Solution
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