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Presented below are data taken from the records of Alee Company. December 31, 2014 December 31, 2013 Cash $15,240 $10,240 Current assets other than cash
Presented below are data taken from the records of Alee Company.
December 31, 2014 | December 31, 2013 | |||
Cash | $15,240 | $10,240 | ||
Current assets other than cash | 84,830 | 58,830 | ||
Long-term investments | 9,720 | 53,610 | ||
Plant assets | 333,750 | 215,290 | ||
$443,540 | $337,970 | |||
Accumulated depreciation | $20,030 | $39,720 | ||
Current liabilities | 40,110 | 22,350 | ||
Bonds payable | 75,070 | 0 | ||
Capital stock | 254,500 | 254,500 | ||
Retained earnings | 53,830 | 21,400 | ||
$443,540 | $337,970 |
Additional information:
1. | Held-to-maturity securities carried at a cost of $43,890 on December 31, 2013, were sold in 2014 for $33,210. The loss (not extraordinary) was incorrectly charged directly to Retained Earnings. | |
2. | Plant assets that cost $60,030 and were 80% depreciated were sold during 2014 for $7,720. The loss (not extraordinary) was incorrectly charged directly to Retained Earnings. | |
3. | Net income as reported on the income statement for the year was $59,460. | |
4. | Dividends paid amounted to $12,064. | |
5. | Depreciation charged for the year was $28,334. |
Prepare a statement of cash flows for the year 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).)
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