Question Details

(Solution Download) (SCFA????1Direct Method) Mortonson Company has not yet prepared a formal statement of cash flows for


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(SCFA????1Direct Method) Mortonson Company

 

has not yet prepared a formal statement of cash flows for the 2014

 

fiscal year. Comparative balance sheets as of December 31, 2013,

 

and 2014, and a statement of income and retained earnings for the

 

year ended December 31, 2014, are presented below.

MORTONSON COMPANY
Statement of Income and Retained Earnings
For The Year Ended December 31, 2014
($000 Omitted)
Sales$3,800
Expenses
Cost of goods sold$1,200
Salaries and benefits725
Heat, light, and power75
Depreciation80
Property taxes19
Patent amortization25
Miscellaneous expenses10
Interest302,164
Income before income taxes1,636
Income taxes818
Net income818
Retained earnings - January 1, 2014310
1,128
Stock dividend declared and issued600
Retained earnings - December 31, 2014$528
MORTONSON COMPANY
Comparative Balance Sheet
December 31
($000 Omitted)
Assets20142013
Current assets
Cash$333$100
U.S. Treasury notes (Available-for-sale)1050
Accounts receivable780500
Inventory720560
Total current assets1,8431,210
Long-term assets
Land15070
Buildings and equipment910600
Accumulated depreciation(200)(120)
Patents (less amortization)105130
Total long-term assets965680
Total assets$2,808$1,890
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable$420$330
Income taxes payable4030
Notes payable320320
Total current liabilities780680
Long-term notes payable - due 2016200200
Total liabilities980880
Stockholders' equity
Common stock outstanding1,300700
Retained earnings528310
Total stockholders' equity1,8281,010
Total liabilities and stockholders' equity$2,808$1,890
Instructions:
Prepare a statement of cash flows using

 

the direct method. Changes in accounts receivable and in accounts

 

payable relate to sales and cost of sales. Do not prepare a

 

reconciliation schedule.

MORTONSON COMPANY
Statement of Cash Flows
For The Year Ended December 31, 2014
($000 omitted)
Cash flows from operating activities
TitleAmount
TitleAmount
TitleAmount
TitleAmount
TitleAmount
TitleAmount
TitleAmount
TitleAmountFormula
Net cash provided by operating activitiesFormula
Cash flows from investing activities
TitleAmount
TitleAmount
TitleAmount
Net cash used by investing activitiesFormula
Increase in cashAmount
TitleAmount
TitleFormula
(a) SalesAmount
TitleAmount
Formula
Add: TitleAmount
Cash receipts (collections from customers)Formula
(b) Cost of goods soldAmount
Add: TitleAmount
TitleFormula
Deduct: TitleAmount
TitleFormula
Deduct: TitleAmount
Formula
Add: TitleAmount
Cash purchases (payments for merchandise)Formula
(c) Income taxesAmount
TitleAmount
Formula
Add: TitleAmount
Income taxes (cash)Formula

 


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