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LO 2,3,4Preparing the Statement of Cash Flows: Indirect Method E8A. Keeper Corporation's income statement for the year ended June 30, 2014, and its comparative balance
LO 2,3,4Preparing the Statement of Cash Flows: Indirect Method E8A. Keeper Corporation's income statement for the year ended June 30, 2014, and its comparative balance sheets for June 30, 2014 and 2013 follow Keeper Corporation For the Year Ended June 30, 2014 Cost of goods sold Gross margin Operating expenses Operating income $234,000 156,000 $ 78,000 45,000 33,000 Income before income taxes 30,200 12,300 17,900 Net income Keeper Corporation Comparative Balance Sheets June 30, 2014 and 2013 2014 2013 69,900 21,000 43,400 12,500 26,000 Accounts receivable (net) 55,000 (9,000) $183,500 (5,000) 144,500 Liabilities and Stockholders' Equity Accounts payable 13,000 1,200 37,000 115,000 17,300 $183,500 14,000 1,800 35,000 Common stock, $10 par value 3,700 $144,500 Total liabilities and stockholders equity Keeper issued a $22,000 note payable for purchase of furniture; sold at carrying value furniture that cost $27,000 with accumulated depreciation of $15,300; recorded depreciation on the furniture for the year, $19,300; repaid a note in the amount of $20,000; issued $25,000 of common stock at par value; and paid dividends of $4,300 Prepare Keeper's statement of cash flows for the year 2014 using the indirect method
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