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Here are comparative balance sheets for Hayes Company.
Hayes Company
Comparative Balance Sheets
December 31, 2013
Assets 2013 2012
Cash $ 43,000 $ 10,000
Accounts receivable 18,000 14,000
Inventories 25,000 18,000
Prepaid expenses 6,000 9,000
Long-term investments 0 18,000
Equipment 60,000 32,000
Accumulated depreciation—Equipment (20,000) (14,000)
Total assets $ 122,000 $ 87,000
Liabilities and Stockholder’s Equity
Accounts payable $ 17,000 $ 7,000
Bonds payable 37,000 47,000
Common stock ($1 par) 40,000 23,000
Retained earnings 28,000 10,000
Total liabilities and stockholder’s equity $ 122,000 $ 87,000
Additional information:
1. The 2013 Income Statement reported $6,000 in depreciation expense, a $4,000 loss on
sale of investments and Net income of $43,000.
2. Cash dividends of $15,000 were declared and paid.
3. Long-term investments that has a cost of $18,000 were sold for $14,000
4. Sales for 2013 were $120,000.
Instructions: Prepare a statement of cash flows for 2013 using the indirect method.
Hayes Company
Statement of Cash Flows
For the Year Ended December 31, 2013
Operating Activities
Net income
Adjustments to reconcile net income to net cash provided by operating activities
Hayes Company
Comparative Balance Sheets
December 31, 2013
Assets 2013 2012
Cash $ 43,000 $ 10,000
Accounts receivable 18,000 14,000
Inventories 25,000 18,000
Prepaid expenses 6,000 9,000
Long-term investments 0 18,000
Equipment 60,000 32,000
Accumulated depreciation—Equipment (20,000) (14,000)
Total assets $ 122,000 $ 87,000
Liabilities and Stockholder’s Equity
Accounts payable $ 17,000 $ 7,000
Bonds payable 37,000 47,000
Common stock ($1 par) 40,000 23,000
Retained earnings 28,000 10,000
Total liabilities and stockholder’s equity $ 122,000 $ 87,000
Additional information:
1. The 2013 Income Statement reported $6,000 in depreciation expense, a $4,000 loss on
sale of investments and Net income of $43,000.
2. Cash dividends of $15,000 were declared and paid.
3. Long-term investments that has a cost of $18,000 were sold for $14,000
4. Sales for 2013 were $120,000.
Instructions: Prepare a statement of cash flows for 2013 using the indirect method.
Hayes Company
Statement of Cash Flows
For the Year Ended December 31, 2013
Operating Activities
Net income
Adjustments to reconcile net income to net cash provided by operating activities
Accounting Hayes company?
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