Assets 2014 2013
Cash $37,000 $31,000
Acct Receivable(net) 80,000 60,000
Prepaid Insurance 22,000 17,000
Land 18,000 40,000
Equipment 70,000 60,000
Accum Depreciation (20,000) (13,000)
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Get Help Now!Total Assets $207,000 $195,000
Acct Payable $12,000 $6,000
Bonds Payable 27,000 19,000
Common Stock 140,000 115,000
Retained Earnings 28,000 55,000
Total Liabilities & SE $207,000 $195,000
Additional Info:
1. Net loss for 2014 is $12,000. Net sales for 2014 are $250,000
2. Cash dividends of $15,000 were declared and paid 2014
3. Land was sold for cash at a loss of $2,000 This was the only land transaction during the yr.
4. Equip. with a cost of $15,000 & accumulated dep. of $10,000 was sold for $5,000 cash.
5. $12,000 of bonds were retired during the yr. at carrying(book) value
6. Equipment was acquired for common stock. Fair value of the stock at time of exchange was $25,000.
(a) Prepare statement of cash flows for the yr ended Dec 31,2014, using the indirect method.
(b) Compute current cash debt coverage and cash debt coverage
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