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The following information is available for the Fletchers Corporation:
Fletchers Corporation
Balance Sheets
At December 31
2013
2012
Assets:
Cash
$ 24,640
$ 23,040
Accounts receivable
32,180
29,400
Merchandise inventory
73,125
61,710
Long-term investments
55,900
56,400
Equipment
175,500
145,500
Accumulated depreciation
(33,550)
(31,200)
Total assets
$327,795
$284,850
Liabilities:
Accounts payable
$ 65,000
$ 40,380
Incomes taxes payable
10,725
10,200
Bonds payable
48,750
66,000
Total liabilities
$124,475
$116,580
Equity:
Common stock
117,000
96,000
Contributed capital in excess of pay
13,000
9,000
Retained earnings
73,320
63,270
Total equity
$203,320
$168,270
Total liabilities and equity
Income Statement
For Year Ended December 31, 2013
Sales
$240,000
Cost of goods sold
$80,900
Depreciation expense
Other operating expenses
48,000
Interest expense
2,000
(160,300)
Other gains (losses):
Loss on sale of equipment
(8,400)
Income before taxes
71,300
Income taxes expense
27,650
Net income
$ 43,650
Additional information:
(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.
(2) Old equipment with an original cost of $37,550 was sold for $2,100 cash.
(3) New equipment was purchased for $67,550 cash.
(4) Cash dividends of $33,600 were paid.
(5) Additional shares of stock were issued for cash.
Required: Prepare a statement of cash flows for the 2013 calendar year using the indirect method.
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