Iravnbam Company runs a retail company and recently completed its third year of operations. The balance...

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Iravnbam Company runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Long-term notes payable Common stock, $2 par Paid-in capital in excess of par Retained earnings Total liabilities and equity 2014 2013 $ 53,000 $58,100 21,000 24,300 30,800 29,200 123,000 92,000 28,500 24,200 $179.400 $199.300 $ 36,300 $33,000 11,000 8,000 28,000 36,000 15,000 12,000 38,000 31,000 71,000 59,400 $199.300 $179.400 Income Statement for 2014 Sales revenue Cost of goods sold Depreciation expense Other expenses Income taxes Net income 2. Paid cash as a payment on the long-term notes payable 3. Issued 100 shares of common stock for cash 4. Declared and paid cash dividends of $16,000 $337,400 204,000 4,300 87,000 14,500 $ 27.600 Additional Information on Year 2014 Transactions 1. Purchased equipment by signing a long-term note for $8,000 and paying cash for the balance Instructions: Using good form; Prepare a statement of cash flows for 2014 using the indirect method. Iravnbam Company runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Long-term notes payable Common stock, $2 par Paid-in capital in excess of par Retained earnings Total liabilities and equity 2014 2013 $ 53,000 $58,100 21,000 24,300 30,800 29,200 123,000 92,000 28,500 24,200 $179.400 $199.300 $ 36,300 $33,000 11,000 8,000 28,000 36,000 15,000 12,000 38,000 31,000 71,000 59,400 $199.300 $179.400 Income Statement for 2014 Sales revenue Cost of goods sold Depreciation expense Other expenses Income taxes Net income 2. Paid cash as a payment on the long-term notes payable 3. Issued 100 shares of common stock for cash 4. Declared and paid cash dividends of $16,000 $337,400 204,000 4,300 87,000 14,500 $ 27.600 Additional Information on Year 2014 Transactions 1. Purchased equipment by signing a long-term note for $8,000 and paying cash for the balance Instructions: Using good form; Prepare a statement of cash flows for 2014 using the indirect method.

Answer rating: 100% (QA)

To prepare the statement of cash flows for 2014 using the indirect method we need to analyze the provided information and make adjustments to the net ... View the full answer