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Use the Oppong Corporation financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2014,
Use the Oppong Corporation financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method Additional Information: a. Purchased machinery for $41,000 cash. b. Sold the long-term investment on January 1, 2014 for $51,000. c. Sold machinery for $14,500 cash that had originally cost $56,500 and had $42,000 of accumulated depreciation. d. Issued $27,000 of bonds payable at face value. e. The short-term investment is a treasury bill that was purchased with maturity in 90 days. (select one) Statement of Cash Flows (select one) Cash flows from operating activities Oppong Corporation Comparative Balance Sheet Information December 31 Assets 2014 2013 Cash 346,100 190,000 Short-term investments 91,000 86,000 Accounts receivable 14,600 23,000 Merchandise inventory 190,000 Long term investment 0 38,000 Machinery 214,500 230,000 Accumulated depreciation (148,000) (165,000) Total assets 590,900 592,000 Adjust to reconcile net income to cash provided by oper. act.: Cash flows from investing activities X + Cash flows from financing activities Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity Net increase (decrease) in cash Cash at beginning of year Cash at end of year 110,900 9,000 27,000 300,000 144,000 590,900 65,000 34.000 0 300.000 193,000 592,000 (select one) Cash flows from operating activities Adjust to reconcile net income to cash provided by oper. act.: Assets Cash Short-term investments Accounts receivable Merchandise inventory Long term investment Machinery Accumulated depreciation Total assets 2014 2013 346,100 190,000 91,000 86,000 14,600 23,000 72,700 190,000 0 38,000 214,500 230,000 (148,000) (165,000) 590,900 592,000 Cash flows from investing activities Cash flows from financing activities Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity 110,900 9,000 27,000 300,000 144,000 590,900 65,000 34,000 0 300,000 193,000 592,000 Net increase (decrease) in cash Cash at beginning of year Cash at end of year Oppong Corporation Income Statement For Year Ended December 31, 2014 Sales 700,000 Cos Goods Sold 690,000 Depreciation expense 25,000 Other expenses 47,000 (762,000) Gain on sale of long-term investment 13,000 Net loss 49,000
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