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Michaels Company had the following information available at the end of 2014. MICHAELS COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2013 2014 Cash $10,040 Accounts receivable 21,010 Short-term investments 21,480 Inventory 41,550 Prepaid rent 2,390 Prepaid insurance 2,420 Supplies 1,260 Land 124,400 Buildings 350,210 Accumulated depreciation-buildings (105,330 ) Equipment 524,570 Accumulated depreciation-equipment (130,700 ) Patents 45,030 Total assets $908,330 2013 $3,910 13,900 31,970 36,900 13,280 990 750 173,500 350,210 (87,970 ) 400,940 (113,610 ) 51,940 $876,710 Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable $22,510 5,010 5,360 10,010 60,540 400,410 14,565 $31,210 4,040 3,990 10,010 70,290 400,410 30,190 Bonds payable Premium on bonds payable Common stock Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity 400,410 14,565 240,490 25,805 400,410 30,190 219,160 18,160 123,630 $908,330 89,250 $876,710 MICHAEL S COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2014 Sales revenue Cost of goods sold $1,160,880 748,020 412,860 $80,090 157,320 41,360 Gross margin Operating expenses Selling expenses Administrative expenses Depreciation/Amortization expense Total operating expenses Income from operations Other revenues/expenses Gain on sale of land Gain on sale of short-term investment Dividend revenue Interest expense Income before taxes 278,770 134,090 8,390 4,820 3,330 (52,370 ) (35,830 ) 98.260 ignment CALCULATOR FULL SCREEN PRINTER VERSION BACK 3,330 (52,370 ) Dividend revenue Interest expense Income before taxes Income tax expense Net Income Dividends to common stockholders To retained earnings (35,830 ) 98,260 39,470 58,790 (24,410) $34,380 Prepare a statement of cash flows for Michaels Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are classified as available-for-sale. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesise.g. (15,000)) MICHAELS COMPANY Statement of Cash Flows For the Year Ended December 31, 2014 (Direct Method) Cash Flows from Operating Activities Cash receipts: Cash Received from Customers Dividends Received Cash payments: Il Cash Paid to Suppliers CALCULATOR Cash Flows from Operating Activities Cash receipts: Cash Received from Customers Dividends Received Cash payments: Cash Paid to Suppliers Cash Paid for Operating Expenses Taxes Paid Interest Pald Net Cash Provided by Operating Activities - CALCULATOR x Reconciliation Schedule Reconciliation of Net Income to Adjustments to reconcile net income to