05 Jun Question one more similar to last/……. Com
Question
one more similar to last/……. Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2013 and 2012 ($ in 000s) 2013 2012 Assets Cash $ 600 $ 375 Accounts receivable 600 450 Inventory 900 525 Land 675 600 Building 900 900 Less: Accumulated depreciation (300) (270) Equipment 2,850 2,250 Less: Accumulated depreciation (525) (480) Patent 1,200 1,500 $ 6,900 $ 5,850 Liabilities Accounts payable $ 750 $ 450 Accrued expenses payable 300 225 Lease liability—land 150 0 Shareholders’ Equity Common stock 3,150 3,000 Paid-in capital—excess of par 750 675 Retained earnings 1,800 1,500 $ 6,900 $ 5,850 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2013 ($ in 000s) Revenues Sales revenue $ 2,645 Gain on sale of land 90 $ 2,735 Expenses Cost of goods sold $ 600 Depreciation expense—building 30 Depreciation expense—equipment 315 Loss on sale of equipment 15 Amortization of patent 300 Operating expenses $ 500 1,760 Net income $ 975 Additional information from the accounting records: a. During 2013, equipment with a cost of $300,000 (90% depreciated) was sold. b. The statement of shareholders’ equity reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries. (Hint: Use the T-account method to assist in your analysis.) (Enter your answers in thousands. Amo
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