Reference no: EM13918158
The comparative balance sheets and an income statement for Raceway Corporation follow:
Income Statement:
For the Year Ended December 31, 2014
Sales ........... $480,000
Cost of goods sold ...... (264,000)
Gross profit ........ 216,000
Operating expenses:
Depreciation expense .... (11,400)
Rent expense ......... (7,000)
Salaries expense ...... (95,200)
Other operating expenses ... (76,000)
Net income ........ $ 26,400
Other Information:
1. Purchased land for $66,000.
2. Purchased new equipment for $62,000.
3. Sold old equipment that cost $66,000 with accumulated depreciation of $56,000 for $10,000 cash.
4. Issued common stock for $30,000.
Required:
Prepare the statement of cash flows for 2014 using the indirect method.
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