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Portions of the financial statements for Hawkeye Company are provided below.HAWKEYE COMPANYIncome StatementFor the Year Ended December 31, 2013Sales $ 850Cost of goods sold (325 )Gross margin 525Salaries expense $ 227Depreciation expense 185Interest expense 35Gain on sale of cash equivalents (4 ) (443 )Income before taxes and extraordinary loss 82Income tax expense (41 )Income before extraordinary loss 41Extraordinary loss (flood damage to inventory) 12Less: Tax savings (6 ) (6 )Net Income $ 35HAWKEYE COMPANYSelected Accounts from Comparative Balance Sheets2013 and 2012Year2013 2012 ChangeCash $242 $215 $27Accounts receivable 390 411 (21)Inventory 890 865 25Accounts payable 225 264 (39)Salaries payable 185 198 (13)Interest payable 65 55 10Income taxes payable 95 114 (19)Required:1.Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the direct method. (Amounts to be deducted should be indicated with a minus sign.)2.Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the indirect method1. DIRECT METHODCash Flows from Operating Activities:Cash received from customers $ ______________Gain on sale of cash equivalents $¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬___________________Cash paid to suppliers $________________________Cash paid for interest $_______________________Cash paid from income $______________________NET cash flow from operating activities $_________________Indirect MethodCash Flows from Operating Activities:Net income $ _____________________Adjustments for non cash effects:Depreciation expense $ ___________Extraordinary loss/gain $__________Changes in operating assets and liabilities:Decrease in accounts receivable $__________Increase in inventory$__________Decrease in accounts payable $__________Decrease in salaries payable $__________Increase in Interest payable $____________________Decrease in income taxes payable $_____________________Net cash flow from operating activities $________________
what are the features of uniform costing
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REPORT ON SATYAM
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2012 2011 Cash 12200 17700 Acct receivable 25200 22300 Investments
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