Reference no: EM131219189
Comparative balance sheet accounts of Marcus Inc. are presented below. MARCUS INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2014 AND 2013 December 31 Debit Accounts 2014 2013 Cash $41,890 $33,350 Accounts Receivable 70,340 59,940 Inventory 29,970 24,840 Investments (available-for-sale) 21,920 38,490 Machinery 30,010 18,790 Buildings 67,490 55,990 Land 7,330 7,330 $268,950 $238,730 Credit Accounts Allowance for Doubtful Accounts $2,780 $1,400 Accumulated Depreciation—Machinery 5,830 2,050 Accumulated Depreciation—Buildings 14,090 8,180 Accounts Payable 35,400 24,740 Accrued Payables 3,101 2,669 Long-Term Notes Payable 20,540 31,150 Common Stock, no-par 150,200 125,000 Retained Earnings 37,009 43,541 $268,950 $238,730 Additional data (ignoring taxes): 1. Net income for the year was $39,418. 2. Cash dividends declared and paid during the year were $20,750. 3. A 20% stock dividend was declared during the year. $25,200 of retained earnings was capitalized. 4. Investments that cost $24,830 were sold during the year for $28,050. 5. Machinery that cost $3,940, on which $741 of depreciation had accumulated, was sold for $2,321. Marcus’s 2014 income statement follows (ignoring taxes). Sales revenue $536,556 Less: Cost of goods sold 379,440 Gross margin 157,116 Less: Operating expenses (includes $10,431 depreciation and $5,030 bad debts) 120,040 Income from operations 37,076 Other: Gain on sale of investments $3,220 Loss on sale of machinery (878 ) 2,342 Net income $39,418 (a) Compute net cash flow from operating activities using the direct method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net cash flow from operating activities $ (b) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ALEXANDER CORPORATION Statement of Cash Flows For the Year Ended December 31, 2014 (Indirect Method) $ Adjustments to reconcile net income to $ $ LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER
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