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IvanhoeCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow Assets 2014 2013 Cash $45,580
IvanhoeCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow Assets 2014 2013 Cash $45,580 $49.966 Accounts receivable 18,060 20,898 Inventory 26,488 25.112 Equipment 105,780 79,120 Accumulated depreciation 24.510 20,812 Total assets $171,398 $154,284 Liabilities and Equity Accounts payable $31.218 $28,380 Income taxes payable 9,460 6,880 Long-term notes payable 24,080 30,960 Common stock, $2 par 12,900 10,320 Paid-in capital in excess of par 32,680 26,660 Retained earnings 61,060 51,084 Total liabilities and equity $171,398 $154,284 Income Statement for 2014 Sales revenue $290,164 Cost of goods sold 175,440 Depreciation expense 3,698 Other expenses 74,820 Income taxes 12,470 Net income $23,736 Additional Information on Year 2014 Transactions 1. Purchased equipment by signing a long-term note for $6,880 and paying cash for the balance. 2. Paid cash as a payment on the long-term notes payable. 3. Issued 86 shares of common stock for cash. 4. Declared and paid cash dividends of $13,760. Prepare a statement of cash flows for 2014 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).) IvanhoeCompany Statement of Cash Flows - Indirect Method 0 Adjustments to reconcile net income to 0 6A to O
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