Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.
|
PAT METHENY COMPANY |
||||||
|
2014 |
2013 |
|||||
|
Cash |
$1,791 |
$1,100 |
||||
|
Receivables |
1,752 |
1,291 |
||||
|
Inventory |
1,591 |
1,918 |
||||
|
Plant assets |
1,894 |
1,693 |
||||
|
Accumulated depreciation |
(1,193 |
) |
(1,176 |
) |
||
|
Long-term investments (held-to-maturity) |
1,299 |
1,473 |
||||
|
$7,134 |
$6,299 |
|||||
|
Accounts payable |
$1,201 |
$786 |
||||
|
Accrued liabilities |
212 |
245 |
||||
|
Bonds payable |
1,419 |
1,635 |
||||
|
Capital stock |
1,906 |
1,700 |
||||
|
Retained earnings |
2,396 |
1,933 |
||||
|
$7,134 |
$6,299 |
|||||
|
PAT METHENY COMPANY |
||
|
Sales revenue |
$6,803 |
|
|
Cost of goods sold |
4,694 |
|
|
Gross margin |
2,109 |
|
|
Selling and administrative expenses |
923 |
|
|
Income from operations |
1,186 |
|
|
Other revenues and gains |
||
|
Gain on sale of investments |
80 |
|
|
Income before tax |
1,266 |
|
|
Income tax expense |
534 |
|
|
Net income |
$732 |
|
|
Cash dividends |
269 |
|
|
Income retained in business |
$463 |
|
Additional information:
During the year, $62 of common stock was issued in exchange for plant assets. No plant assets were sold in 2014.
Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a – sign e.g. -25,000 or in parenthesis e.g. (25,000).)
PAT METHENY COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2014
(Direct Method)
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