P14-25A
Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012:
December 31, |
||||
2012 |
2011 |
|||
Current Accounts: |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 92,100 |
$ 17,000 |
||
Accounts receivable |
64,500 |
69,200 |
||
Inventories |
87,000 |
80,000 |
||
Current liabilities: |
||||
Accounts payable |
57,900 |
56,200 |
||
Income tax payable |
14,400 |
17,100 |
||
Issuance of common stock for cash |
$ 40,000 |
|||
Depreciation expense |
25,000 |
|||
Purchase of equipment |
75,000 |
|||
Acquisition of land by issuing long-term note payable |
122,000 |
|||
Cost basis of building sold |
53,000 |
|||
Payment of note payable |
$48,100 |
|||
Payment of cash dividends |
54,000 |
|||
Issuance of note payable to borrow cash |
67,000 |
|||
Gain on sale of building |
5,500 |
|||
Net income |
70,500 |
|||
Requirement
1.Prepare Johnson’s statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financing activities.