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(Answered) Use the following information for questions 4 through 8. Harlan


Use the following information for questions 4 through 8.

 

Harlan
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Use the following information for questions 4 through 8.,

 

Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Harlan Mining Co. for 2013 and 2012 are provided below.,

 

,

 

BALANCE SHEETS,

 

12/31/13 12/31/12,

 

Cash $306,000 $ 144,000,

 

Accounts receivable 270,000 162,000,

 

Merchandise inventory 288,000 360,000,

 

Property, plant and equipment $456,000 $720,000,

 

Less accumulated depreciation (240,000) 216,000 (228,000) 492,000,

 

$1,080,000 $1,158,000,

 

,

 

Accounts payable $ 132,000 $ 72,000,

 

Income taxes payable 264,000 294,000,

 

Bonds payable 270,000 450,000,

 

Common stock 162,000 162,000,

 

Retained earnings 252,000 180,000,

 

$1,080,000 $1,158,000,

 

,

 

INCOME STATEMENT,

 

For the Year Ended December 31, 2013,

 

Sales $6,300,000,

 

Cost of sales 5,364,000,

 

Gross profit 936,000,

 

Selling expenses $450,000,

 

Administrative expenses 144,000 594,000,

 

Income from operations 342,000,

 

Interest expense 54,000,

 

Income before taxes 192,000,

 

Income taxes 72,000,

 

Net income $ 216,000,

 

The following additional data were provided:,

 

1. Dividends for the year 2013 were $144,000.,

 

2. During the year, equipment was sold for $180,000. This equipment cost $264,000 originally and had a book value of $216,000 at the time of sale. The loss on sale was incorrectly charged to cost of sales.,

 

3. All depreciation expense is in the selling expense category.,

 

Questions 4 through 8 relate to a statement of cash flows (direct method) for the year ended December 31, 2013, for Harlan Mining Company.,

 

,

 

,

 

,

 

,

 

5. The net cash provided (used) by investing activities is,

 

a. $(264,000).,

 

b. $36,000.,

 

c. $180,000.,

 

d. $(216,000).,

 


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