Hartman inc statement of cash flows schedule of cash effects items on

 

Hartman, Inc. has prepared the following comparative balance sheets for 2012 and 2013:

 

                                                                                                          2013                      2012     

 

         Cash                                                                                     $   287,000             $  153,000

 

         Accounts receivable                                                                 149,000                 117,000

 

         Inventory                                                                                   150,000                 180,000

 

         Prepaid expenses                                                                       18,000                   27,000

 

         Plant assets                                                                            1,280,000              1,050,000

 

         Accumulated depreciation                                                       (450,000)               (375,000)

 

         Patent                                                                                        153,000                 174,000

 

                                                                                                      $1,587,000            $1,326,000

 

 

 

         Accounts payable                                                                $   153,000            $   168,000

 

         Accrued liabilities                                                                        60,000                   42,000

 

         Mortgage payable                                                                                                450,000

 

         Preferred stock                                                                         525,000                     

 

         Additional paid-in capital—preferred                                        120,000                     

 

         Common stock                                                                         600,000                 600,000

 

         Retained earnings                                                                     129,000                   66,000

 

                                                                                                      $1,587,000            $1,326,000

 

 

 

Additional information:

 

  • The Accumulated Depreciation account has been credited only for the depreciation expense for the period.
  • The Retained Earnings account has been charged for dividends of $158,000 and credited for the net income for the year.

 

 

 

  • The income statement for 2013 is as follows:

     

    Sales                                                   $1,980,000

    Cost of sales                                         1,089,000

    Gross profit                                              891,000

    Operating expenses                                 670,000

    Net income                                         $   221,000

     

    Required:

    (1)    From the information above, prepare a statement of cash flows using the indirect method for Hartman, Inc. for the year ended December 31, 2013.

    (2)    From the information above, prepare a schedule of cash provided by operating activities using the direct method.

 

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