Question: The statement of cash flows for the year ended December

The statement of cash flows for the year ended December 31, 2014, and other data for Bradley Corporation are shown below:


Additional data:
a. Bradley’s Dividends receivable account decreased by $2,000 during the year.
b. The Machinery account, net of accumulated depreciation, increased by $100,000 during the year. The only other transaction, exclusive of depreciation, was the write-off on May 15, 2014, of obsolete machinery that had a book value of $8,000.
c. Accounts receivable increased by $40,000 during 2014. The Allowance account increased by $4,000. There were no write-offs of uncollectible accounts.
d. Salaries payable at the beginning of the year were $6,000; at the end of the year, $10,000.
e. Inventories decreased $12,000 during 2014.
f. Taxes payable increased $6,000 during the year.
g. The investments that were sold had a book value of $30,000.

Required:
On the basis of the above data, prepare Bradley Corporation’s single-step income statement for the year ended December 31,2014.


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  • CreatedSeptember 10, 2014
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