PR 13-DA Statement or cash nows-direct method applied to in 13-1A Net cash flow from The...

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PR 13-DA Statement or cash nows-direct method applied to in 13-1A Net cash flow from The comparative balance sheet of Livers Inc. for December 31, 2013 and 2012, is as follows: operating activities, $490,000 Assets Cash Accounts receivable (net). EXCEL TEMPLATE Inventories Investments Land... Equipment.... Accumulated depreciation-equipment Dec. 31, 2013 Dec. 31, 2012 $ 155,000 450,000 $ 150,000 400,000 770,000 750,000 0 100,000 500,000 1,400,000 1,200,000 (600,000) $2,675,000 (500,000) $2,100,000 Total assets. Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 340,000 $ 300,000 Accrued expenses payable (operating expenses) 45,000 50,000 Dividends payable.. 30,000 25,000 Common stock, $4 par.. 700,000 600,000 Paid-in capital in excess of par-common stock 200,000 175,000 Retained earnings... 1,360,000 950,000 Total liabilities and stockholders equity... $2,675,000 $2,100,000 The income statement for the year ended December 31, 2013, is as follows: Sales $3,000,000 Cost of goods sold. (1,400,000) Gross profit $1,600,000 $100,000 950,000 (1,050,000) $550,000 Operating expenses Depreciation expense Other operating expenses. Total operating expenses. Operating income..... Other revenue Gain on sale of investments, Income before income tax Income tax expense Net income 75,000 5 625,000 (125,000) $ 500.000 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows a The investments were sold for $175,000 cash. b Equipment and land were acquired for cash There were no disposals of equipment during the year. d. The common stock was issued for cash. There was a 590,000 debit to Retained Earnings for cash dividends declared Instructions. Prepare a statement of cash flows, using the direct method of presenting cash flows from operat ing activities. PR 13-DA Statement or cash nows-direct method applied to in 13-1A Net cash flow from The comparative balance sheet of Livers Inc. for December 31, 2013 and 2012, is as follows: operating activities, $490,000 Assets Cash Accounts receivable (net). EXCEL TEMPLATE Inventories Investments Land... Equipment.... Accumulated depreciation-equipment Dec. 31, 2013 Dec. 31, 2012 $ 155,000 450,000 $ 150,000 400,000 770,000 750,000 0 100,000 500,000 1,400,000 1,200,000 (600,000) $2,675,000 (500,000) $2,100,000 Total assets. Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 340,000 $ 300,000 Accrued expenses payable (operating expenses) 45,000 50,000 Dividends payable.. 30,000 25,000 Common stock, $4 par.. 700,000 600,000 Paid-in capital in excess of par-common stock 200,000 175,000 Retained earnings... 1,360,000 950,000 Total liabilities and stockholders equity... $2,675,000 $2,100,000 The income statement for the year ended December 31, 2013, is as follows: Sales $3,000,000 Cost of goods sold. (1,400,000) Gross profit $1,600,000 $100,000 950,000 (1,050,000) $550,000 Operating expenses Depreciation expense Other operating expenses. Total operating expenses. Operating income..... Other revenue Gain on sale of investments, Income before income tax Income tax expense Net income 75,000 5 625,000 (125,000) $ 500.000 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows a The investments were sold for $175,000 cash. b Equipment and land were acquired for cash There were no disposals of equipment during the year. d. The common stock was issued for cash. There was a 590,000 debit to Retained Earnings for cash dividends declared Instructions. Prepare a statement of cash flows, using the direct method of presenting cash flows from operat ing activities.