Hartman, Inc. has prepared the following comparative balance sheets for 2012 and 2013:
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
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
The income statement for 2013 is as follows:
Cost of sales 1,089,000
Gross profit 891,000
Operating expenses 670,000
Net income $ 221,000
(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.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more