Keeper Corporations income statement for the year ended June 30, 2014, and its comparative balance sheets for
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Keeper Corporation
Income Statement
For the Year Ended June 30, 2014
Sales ................... $234,000
Cost of goods sold .............. 156,000
Gross margin ............... $ 78,000
Operating expenses .............. 45,000
Operating income ............. $ 33,000
Interest expense .............. 2,800
Income before income taxes..........$ 30,200
Income taxes expense ............ 12,300
Net income ................ $ 17,900
Keeper issued a $22,000 note payable for purchase of furniture; sold at carrying value furniture that cost $27,000 with accumulated depreciation of $15,300; recorded depreciation on the furniture for the year, $19,300; repaid a note in the amount of $20,000; issued $25,000 of common stock at par value; and paid dividends of $4,300.
Prepare Keepers statement of cash flows for the year 2014 using the indirectmethod.
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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