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COMPREHENSIVE PROBLEM 6 - CASH FLOW STATEMENT NOTES: Providing (well labeled & well organized) computations, schedules, etc. will maximize partial credit for incorrect answers. Solution is posted in the course space 24 hours after problem due date - problems will not be accepted for credit once the solution is posted. Prepare a 2014 Statement of Cash Flows for the Boyd Company in good form. The operating activities section may be prepared using either the direct or the indirect method (both result in the same Cash Flow from Operations amounts. Boyd Company Income Statement - For the year ended 12/31/14 Sales $1,200,000 Cost of Goods Sold ( 690,000) Gross Margin $ 510,000 Operating Expenses ( 375,000) Income from Operations $ 135,000 Other Revenue & Expense: Investment Revenue 25,000 Loss on sale of equipment ( 8,000) Interest Expense ( 7,000) Income before Tax $ 145,000 Income Tax Expense ( 52,000) Net Income $ 93,000 ========= Boyd Company Balance Sheet - As of 12/31/14 and 12/31/13 2014 2013 ASSETS Cash $ 52,400 $ 40,000 Accounts Receivable $58,500 $45,700 Allow for Dbtful Accts ( 1,900) 56,600 ( 1,000) 44,700 Inventory 87,000 63,000 Prepaid Rent 14,000 16,000 Investment in XYZ 310,000 285,000 Equipment $380,000 $266,300 Accumulated Depreciation ( 100,000) 280,000 ( 75,000) 191,300 Total Assets $800,000 $640,000 ======= ======= LIABILITIES & OWNERS' EQUITY Accounts Payable $ 25,000 $ 18,000 Interest Payable 30,000 23,000 Bonds Payable $400,000 $400,000 Premium on Bonds Payable 27,000 427,000 30,000 430,000 Deferred Tax Liability 90,000 75,000 Common Stock 30,000 10,000 Paid in Capital in Excess of Par 80,000 40,000 Retained Earnings 118,000 44,000 Total Liabilities & Owners' Equity $800,000 $640,000 ======= ======= See Additional Information on next page. Additional Information: 1. Equipment with an original cost of $90,000 and accumulated depreciation of $60,000 was sold for cash. 2. Depreciation, amortization, and bad debt expense are included in operating expenses. 3. Boyd accounts for their investment in XYZ using the equity method. XYZ Company paid no cash dividends during 2014. 4. Boyd declared cash dividends during the year. All have been paid by the end of the year. Check Figures: Cash from Operating Activities $153,100 Cash from Investing Activities ($181,700) Cash from Financing Activities $39,000