Reference no: EM131294082
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 $42,190 $34,210 Accounts Receivable 70,580 59,810 Inventory 29,510 24,250 Investments (available-for-sale) 22,520 38,440 Machinery 29,500 18,440 Buildings 67,860 55,890 Land 7,690 7,690 $269,850 $238,730 Credit Accounts Allowance for Doubtful Accounts $2,950 $1,200 Accumulated Depreciation—Machinery 6,460 1,960 Accumulated Depreciation—Buildings 14,040 8,420 Accounts Payable 35,100 24,630 Accrued Payables 3,024 2,854 Long-Term Notes Payable 20,990 31,500 Common Stock, no-par 149,600 125,300 Retained Earnings 37,686 42,866 $269,850 $238,730 Additional data (ignoring taxes): 1. Net income for the year was $40,170. 2. Cash dividends declared and paid during the year were $21,050. 3. A 20% stock dividend was declared during the year. $24,300 of retained earnings was capitalized. 4. Investments that cost $25,490 were sold during the year for $28,800. 5. Machinery that cost $3,390, on which $735 of depreciation had accumulated, was sold for $1,794. Marcus’s 2014 income statement follows (ignoring taxes). Sales revenue $537,611 Less: Cost of goods sold 379,650 Gross margin 157,961 Less: Operating expenses (includes $10,855 depreciation and $5,840 bad debts) 120,240 Income from operations 37,721 Other: Gain on sale of investments $3,310 Loss on sale of machinery (861 ) 2,449 Net income $40,170 (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 $ $ Click if you would like to Show Work for this question: Open Show Work
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